BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -Definition: Strategy Formulation is an analytical process of selection of the best suitable course of action to meet the organizational objectives and vision. It is one of the steps of the strategic management process.

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: -Strategic analysis refers to the process of researching an organization and its working environment to formulate a strategy. There are many other definitions of strategic analysis with a different perspective. But they all involve a lot of common factors.

Detailed explanation-4: -This process of strategy analysis usually includes defining the internal and external environments, evaluating identified data, and utilising analytical strategic analysis tools.

Detailed explanation-5: -✓ Strategy formulation is primarily an intellectual process. ✓ Strategy implementation is primarily an operational process. ✓ Strategy formulation requires good intuitive and analytical skills.