What are the three stages of the strategy-formulation process? Describe what is

Question

                    What are the three stages of the strategy-formulation process? Describe what is involved at each stage.                 

                    Define what is meant by the term core competency. How does it differ from a skill?                 

                    Some critics charge advertisers with creating wants among consumers rather than helping them satisfy needs. Select a                     product and describe how, if it were marketed in a developing economy, it can create wants and not satisfy needs. Explain the ethical issues surrounding the                     decision of whether to market the product in developing nations.                 

                    Explain the elements of a

Explanation / Answer

Strategic management process has following four steps:

1. Environmental Scanning- Environmental scanning refers to a process of collecting, scrutinizing and providing information for strategic purposes. It helps in analyzing the internal and external factors influencing an organization. After executing the environmental analysis process, management should evaluate it on a continuous basis and strive to improve it.
2. Strategy Formulation- Strategy formulation is the process of deciding best course of action for accomplishing organizational objectives and hence achieving organizational purpose. After conducting environment scanning, managers formulate corporate, business and functional strategies. 3. Strategy Implementation- Strategy implementation implies making the strategy work as intended or putting the organization

Related Questions

Navigate

• Browse (All)
• Browse W
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.