Strategy formulation refers to the process of choosing the most appropriate course of action for the realization of organizational goals and objectives and thereby achieving the organizational vision.
The process of strategy formulation basically involves six main steps
- Framing Mission & Vision.
- Analysis of the Internal Environment
- Analysis of External Environment
- Gap Analysis
- Framing Alternative Strategies.
- Choice of Strategy
- Developing vision & mission
- Identifying external opportunities and threats
- Determining internal strengths & weakness.
- Establishing long term objectives
- Generating alternative strategies
- Choosing particular strategies to pursue.
- Deciding what new business to enter
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