Which of the following includes the planning and decision making that lead to the establishment of the firm's goals and of a specific strategic plan?
A) Strategy formulation
B) Strategy implementation
C) Strategy coordination
D) Strategy execution
E) SWOT analysis

Question

Quizplus · Accepted Answer

Strategy formulation refers to the planning and decision making that leads to the establishment of the firm's goals and a specific strategic plan. This involves analyzing the internal and external environment, conducting a SWOT analysis, and choosing the best course of action to achieve the firm's goals. Strategy implementation, coordination, and execution are all important stages in the strategic management process, but they follow after strategy formulation.

Which of the Following Includes the Planning and Decision Making