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Every firm must ask itself “What is the plan for running the company and making a profit.” Strategy is the plan a firm makes to answer that question. This plan includes specific actions the firm will follow with regard to market position, competitive moves, and other operational functions within a business. In a way, a company’s strategy is the “game plan” to achieve operational success. For a company to identify a successful strategy, it must take an inventory of the characteristics specific to the firm and the industry it operates within. This means identifying the company’s internal strengths and weaknesses, and identifying the external opportunities and threats. The term for this is a SWOT (strengths, weaknesses, opportunities, threats) analysis. The strengths and weaknesses are internal to the firm. The opportunities and threats are external (in the industry/market) to the firm.

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