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Main Elements of Strategy Formulation

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Outline the main elements of strategy formulation. Give your own experiences and observations, and please include examples in the response.

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Solution Summary

This solution outlines the main elements/steps in strategy formulation, using an example from the Expert's own experience.

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Strategy formulation is the "process of choosing the most appropriate course of action for the realization of organizational goals and objectives and thereby achieving the organizational vision." There are six steps and these are not steps that have to follow in a certain order.

1) Setting Objectives for the Organization: These are normally set when an organization is formed. The company needs to have guidelines and goals that they strive to attain.

2) Evaluating the Organizational Environment: This process includes evaluating the internal and external environment. ...

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