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Highlight the steps involved in Strategy Formulation.

Highlight the steps involved in Strategy Formulation.

Answers

Maurice
(i) Organizational Mission and Objectives - these provide direction for other
aspects of the process.

(ii) Environmental analysis - It takes into account the external factors. Includes
collection of relevant information from the environment, interpreting its impact
on the future organizational working, and determining what opportunities
and threats are offered by the environment.

(iii) Corporate analysis -it takes into account the internal factors which are critical
for the success of the present or future business of the organization and
then evaluating these factors whether they are contributing in a positive way
or in a negative way. A positive contribution is strength while a negative
contribution is a weakness.

(iv) Identification of alternatives - environment analysis and corporate analysis
taken together will specify the various alternatives for strategy. Usually this
process will bring large number of alternatives. Therefore, criteria should be
set up to evaluate each alternative. Normally the criteria are set in the light of
organizational mission and objectives.

(v) Choice of alternative - Choice is determining the acceptable alternative among
the several which fit with the organizational objectives.
maurice.mutuku answered the question on August 1, 2019 at 07:06

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