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    Strategy Formation

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    Based on your knowledge of strategy formation, how does economics affect strategic planning?

    © BrainMass Inc. brainmass.com May 20, 2020, 9:56 pm ad1c9bdddf

    Solution Preview

    Strategic planning is about giving long term direction to the organization. It helps the organization to attain competitive advantage. Steps in Strategic management process:

    1) Situational Analysis - Researching Environment
    Under this both internal and external environment will be studied to evaluate the existing situation of the company. This will give the SWOT of the company

    2) Strategy Formulation
    It helps in providing road map to the organization which is based on SWOT analysis

    3) Strategy Implementation
    It involves arrangement of right kind of resources to implement the strategy of the ...

    Solution Summary

    Based on the knowledge of strategy formation, the expert determines how economic affects strategic planning.