Strategic analysis develops the inputs to the strategic formulation process. Using the analogy of cooking, strategic analysis provides the ingredients. Once the ingredients have been collected, it is now time to decide exactly “what kind of cake ought to be baked.” Or, more accurately, the formulation process answers the question of “What exactly should we bake?” The process of making the decision of what to bake, or what form the strategy will ultimately take, occurs within the strategy formulation process. This is described in Chapter 4.
The term “formulation” in the strategic planning process implies development or design. An analogy could be made to the development of a blueprint. In the case of company strategy, ...
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