What four types of strategies make up the strategy formulation process? Describe the role each plays in developing a strategic plan.
ANSWER
4 types of strategies that make up the strategy formulation process. Strategy is developed through:
Directional strategies - mission, vision, values, and
goals;
Adaptive strategies - expansion, contraction, and maintenance of
scope;
Market entry strategies - purchase, cooperation, and
development;
Competitive strategies - strategic posture and positioning
strategies.
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