Strategic approaches refer to the methods and plans organizations use to achieve their long-term goals. These approaches involve analyzing the current situation, setting objectives, and determining the best actions to take. Common strategies include SWOT analysis, which evaluates strengths, weaknesses, opportunities, and threats, and Porter's Five Forces, which assesses industry competition. Organizations often adopt different strategic approaches based on their unique circumstances. For instance, a company may choose a cost leadership strategy to offer lower prices than competitors or a differentiation strategy to provide unique products. The choice of strategy significantly impacts overall performance and market positioning.