Where we're going to go in this post is to discuss each of the 3 elements of successful strategy execution in detail individually, but also recognize that they're mutually reinforcing. They are not necessarily done sequentially but in fact, support one another and are done iteratively and support each other over time. So when one thinks of strategic analysis, one wants to think about analyzing a strategy, doing the work to try to figure out and conceive of a strategy. Formulation refers to the process by which strategy is set in the organization. Maybe it's a strategic planning process done on an annual or biannual level, but it also refers to the organizational elements that bring together to devise the strategy. Finally, implementation refers to once we have envisioned our strategy, how do we actually bring it to bear. Again, strategy execution requires proper analysis, proper formulation, and ultimately, proper implementation.
Well strategy, as you may well know, is one of those glamorous business words. Strategy is something that business managers spend a whole lot of time thinking about and talking about. It's something you may need to prove that you can do well before you get promoted beyond a certain level in an organization. And if you've got your own company, strategy may be the thing that determines whether you fail or succeed. So business strategy, I think we all agree, is quite important.
But then it brings us back to a fundamental question. What is strategy exactly?