illustrate the issues that should be considered in strategy formulation

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Question

Answer 1

Answer #1

The issues that should be considered in strategy formulation are:

External environment: while formulating strategies external environment should be considered to identify the threats and opportunities. External environment includes political , economic and demographic factors that are outside the control of organization.
Competitive advantage: While formulating strategy competitive advantage that the company have over its competitors. This will help company to analyze what strengths and weakness does company have.
Business goals: Companies should take its business goals into consideration while formulating strategy. Goals are the objectives of the companies. Strategy helps companies to achieve its goal .
Plan of action: When formulating strategy company should analyze all the steps that will be taken right from strategy formulation to strategy implementation.
Internal Environment: Internal factors are factors within a company. Before formulating strategy company should scan its internal environment, this will help company to now about its strength and weakness. This will help company to formulate strategy accordingly.
Vision and Mission: Vision and mission should be considered as analysis of this will help company to formulate strategy which will help it achieve its long term goal.
Stakeholders: Stakeholders influence business. Stakeholders include employees, suppliers,customers, etc.Strategy should consider stakeholders as they are relevant part of a organization.

Answer 2

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