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Strategy Formation

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

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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.