Everything you need to know about approaches to strategy formulation. Strategy formulation is often referred to as strategic planning or long-range planning. This process is primarily analytical, not action- oriented. The strategy formulation process is concerned with developing a corporation's mission, objectives and policy. This process involves scanning external and internal environmental factors, analysis of the strategic factors and generation, [...]
Everything you need to know about the process of strategy implementation. Strategy implementation is the second phase in the strategic management process. It is concerned with putting the strategy into operation or translating the chosen strategy into strategic action. In other words, it is the strategic management process of activating the chosen strategy through structure, leadership, and culture. It necessitates [...]
Everything you need to know about process of strategic management. Strategic management process can be described as 'a set of managerial decisions and actions which determines the long-run direction and performance of the organization'. Setting the organizational mission, developing the objectives based on the mission, developing and implementing the strategies to achieve the objectives, measuring the achievements and adjusting the [...]