After managers involved in the strategic management process have analyzed the environment and determined the proper organizational direction through the development of a mission statement and organizational objectives, they are ready to formulate strategy. Strategy formulation is the process of determining appropriate courses of action for achieving organizational objectives and thereby accomplishing the organizational purpose.
Managers formulate strategies that reflect environmental analysis, lead to fulfillment of the organizational mission, and result in the attainment of organizational objectives. Special tools they can use to assist them in formulating strategies include the following:
Critical question analysis ...