BUSINESS ADMINISTRATION
STRATEGIC MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Monitoring and evaluating strategies
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Developing the vision and mission
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Strategy formulation
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Goals and Objectives
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Detailed explanation-1: -Strategic formulation is the first step in strategic management and involves gathering, evaluating and organizing information.
Detailed explanation-2: -The first step is to define the vision, mission, and values statements of the organization. This is done in combination with the external analysis of the business environment (PESTEL) and internal analysis of the organization (SWOT).
Detailed explanation-3: -Developing a vision and mission statement is crucial to the success of community initiatives. These statements explain your group’s aspirations in a concise manner, help your organization focus on what is really important, and provide a basis for developing other aspects of your strategic plan.
Detailed explanation-4: -Strategy formulation includes developing a vision and a mission, identifying an organization’s external opportunities and threats, determining internal strengths and weaknesses, establishing long-term objectives, generating alternative strategies, and choosing particular strategies to pursue.