BUSINESS ADMINISTRATION
STRATEGIC MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Strategic Formulation
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Strategic Evaluation
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Strategic Implementation
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Detailed explanation-1: -What Is Strategy Formulation? 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-2: -Strategy Analysis and Choice is a process that reconciles strategic actions, market opportunities, corporate strengths and resources, values of managers, and legal requirements and social responsibilities to select a “best” mission, strategic thrust, and set of strategic actions.
Detailed explanation-3: -The four phases of strategic management are formulation, implementation, evaluation and modification.