Strategy development is the process of defining an organization's long-term goals and determining the best approach to achieve them. It involves analyzing the current situation, identifying strengths and weaknesses, and understanding market opportunities and threats. This helps organizations create a clear roadmap for success. During strategy development, teams often use tools like SWOT analysis to evaluate internal and external factors. They also set measurable objectives and allocate resources effectively. By engaging stakeholders and fostering collaboration, organizations can ensure that their strategies are realistic and aligned with their overall mission and vision.