Which of the following statements is true about strategy formulation?
A) The strategy development process typically flows in a linear fashion.
B) Managers should engage in environmental scanning on an ongoing basis.
C) All aspects of a firm's strategy are more susceptible to frequent changes.
D) The formulation of strategy is the last step toward achieving profitability.

Question

Quizplus · Accepted Answer

Strategy formulation is an ongoing process that involves analyzing and adapting to changes in the internal and external environment. Therefore, managers should engage in environmental scanning on an ongoing basis to ensure that their strategy remains relevant and effective. The strategy development process is not necessarily linear, and different aspects of a firm's strategy may require different levels of flexibility and adaptation. The formulation of strategy is not the last step toward achieving profitability, but rather the beginning of a process of implementation, monitoring, and adjustment.

Which of the Following Statements Is True About Strategy Formulation