Strategy Formulation

Chapter 1 3. What aspects of strategy formulation do you think requires the most time? Why? "Strategy formulation includes developing a vision and 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. Strategy formulation issues include deciding what new businesses to enter, what businesses to abandon, how to allocate resources, whether to expand operations or diversify, whether to enter international markets, …

…well as short term operating results must be paramount as well as the consideration of the dynamic environment, which can take today's successes and obliterate them tomorrow. Strategic evaluation is pro-active in that it looks at trends, evaluates the feasibility of a plan, considers a plan in light of stated goals and objectives, and seeks to maintain a competitive advantage. Plans cannot be evaluated after they occur, but before, making this evaluation proactive rather reactive.