Question
Process of Strategy Formulation
Answer :
Word Count : 245
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Strategy formulation is the process through which an organization determines its long-term goals and develops plans to achieve them effectively. It is an important function of management because it helps organizations face competition, utilize resources properly, and achieve desired objectives. Strategy formulation provides direction to the organization and helps managers make better decisions. The process of strategy formulation begins with defining the mission and objectives of the organization. The mission explains the purpose of the organization, while objectives specify the targets to be achieved. Clear objectives help managers design suitable strategies. The second step is environmental
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