This article throws light upon the eight steps in strategy formulation in management. The steps are: 1. Setting Basic Objectives 2. Identify Opportunities and Risks 3. Evaluating Alternative Resource 4. Formulating Alternative Strategies 5. Evaluating these Alternatives 6. Establishing Basic Strategy 7. Implementing Strategy 8. Evaluating Strategy. Step # 1. Setting Basic Objectives: The firm initially sets provisional objectives. The [...]
This article throws light upon the four key benefits of strategic planning process in an organisation. The benefits are: 1. Reaction to Environment 2. Defining Company Mission 3. Formulation of Long Range Objectives 4. The Specification of Programme Policies and Strategies. Benefit # 1. Reaction to Environment: The strategic planning process is invaluable to a company because it forces top [...]
This article throws light upon the top five steps involved in the process of planning in an organisation. The steps are: 1. Establishing Goals (or Setting Objectives) 2. Determining where the Organisation or Subunit Stands Relative to the Goal 3. Developing Planning Premises 4. Choosing from Alternatives 5. Developing Methods to Control the Operation of the Plan. Step # 1. [...]