Strategy Formation (Classical School)
The initial task in strategic management is typically the compilation and dissemination of the vision and the mission statement. This outlines, in essence, the raison d'etre of an organization. Additionally, it specifies the organization's scope of activities and the markets a firm wishes to serve.
Follow-on strategy formation is a combination of three main processes which are as follows:
- Performing a situation analysis, self-evaluation and competitor analysis: both internal and external; both micro-environmental and macro-environmental.
- Concurrent with this assessment, short- and long-term objectives are set. These objectives should include completion dates.
- Implementation plans then detail how the objectives are to be achieved.
Read more about this topic: Strategic Management
Famous quotes containing the words strategy and/or formation:
“Our strategy in going after this army is very simple. First we are going to cut it off, and then we are going to kill it.”
—Colin Powell (b. 1937)
“The formation of an oppositional world view is necessary for feminist struggle. This means that the world we have most intimately known, the world in which we feel “safe” ... must be radically changed. Perhaps it is the knowledge that everyone must change, not just those we label enemies or oppressors, that has so far served to check our revolutionary impulses.”
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