Define strategy. Describe the four major phases in the strategic planning process?

Question

What will be an ideal response?

Answer 1

Strategy is a broad-based formula for how a business is going to accomplish its mission, what its goals should be, and what plans and policies will be needed to carry out those goals. Strategy initiation, strategy formulation, strategy implementation, and strategy assessment are the four major phases. Strategy initiation is the initial phase of strategic planning in which the organization examines itself and its environment. Strategy formulation is the development of strategies to exploit opportunities and manage threats in the business environment in light of corporate strengths and weaknesses. Strategy implementation is the development of detailed, short-term plans for carrying out the projects agreed on in strategy formulation. Strategy assessment is the continuous evaluation of progress toward the organization's strategic goals, resulting in corrective action and, if necessary, strategy reformulation.