BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -Strategy formulation involves selecting objectives and goals for each functional area (marketing, production, finance, research, and so on) and determining the nature and sequence of actions to be taken by each area to achieve its objectives and goals. Programs are the building blocks of the strategic functional plans.

Detailed explanation-2: -Strategy formulation is the process of using available knowledge to document the intended direction of a business and the actionable steps to reach its goals. This process is used for resource allocation, prioritization, organization-wide alignment, and validation of business goals.

Detailed explanation-3: -The term strategic planning is essentially synonymous with strategic management.

Detailed explanation-4: -The distinction is that strategy formulation is the process of deciding on new strategies, whereas strategic planning is the process of deciding how to implement the strategies.

Detailed explanation-5: -Strategy formulation is the process of establishing goals and determining the proper plan of action to achieve those goals. An organization uses strategy formulation to plan for success and make improvements to workplace strategies as needed.