Editing Strategy (section)

===Formulation and implementation===
Strategy typically involves two major processes: ''[[formulation]]'' and ''[[implementation]]''. ''Formulation'' involves analyzing the environment or situation, making a diagnosis, and developing guiding policies. It includes such activities as [[strategic planning]] and [[strategic thinking]]. ''Implementation'' refers to the action plans taken to achieve the goals established by the guiding policy.<ref name="Mintzberg and Quinn 1996"/><ref name="Rumelt2011"/>

[[Bruce Henderson]] wrote in 1981 that: "Strategy depends upon the ability to foresee future consequences of present initiatives." He wrote that the basic requirements for strategy development include, among other factors: 1) extensive knowledge about the environment, market and competitors;
2) ability to examine this knowledge as an interactive dynamic system; and
3) the imagination and logic to choose between specific alternatives. Henderson wrote that strategy was valuable because of: "finite resources, uncertainty about an adversary's capability and intentions; the irreversible commitment of resources; necessity of coordinating action over time and distance; uncertainty about control of the initiative; and the nature of adversaries' mutual perceptions of each other."<ref>{{cite web| author = Henderson, Bruce | date = 1 January 1981 | title=The Concept of Strategy|url=https://www.bcgperspectives.com/content/Classics/strategy_concept_of_strategy/|access-date= 18 April 2014|publisher= [[Boston Consulting Group]]}}</ref>