Strategic management – strategic formulation

Strategic management – strategic formulation

Topic: Strategic formulation, what is it about? Explain? Compare two companies AMAZON & WALMART

Requirement: – At least ten (10) references/sources are required in your bibliography.

– 4000 word count, Double spaced

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Solution Preview

Relevance of Strategic Formulation to Organizational Success

Background

Strategy formulation is a necessary part of an organization’s strategic planning. The process involves the formulation of goals and later their implementation of the major initiatives by the company’s top management with a consideration of the available resources. This helps in the development of a budget that determines the most effective plan for maximizing the return on investment. The process of strategic management also takes into consideration the company’s internal and external environments to identify the actions that best suit the company. An understanding of the situation is essential to the organization as it allows policymakers to get ready for any changes that could occur.

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