Strategy Formulation Answers the Question

question 19

Multiple Choice

Strategy formulation answers the question:

• A) How do we execute a chosen strategy?
• B) What should be our strategy?
• C) Where does strategy fit in?
• D) How is strategy applied to me?

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Definitions:

Planning and Control

The processes used to set objectives, determine strategies to achieve them, execute the plans, and ensure performance meets expectations.

Benefit of Objectives

The advantage of having clear and defined goals which guide actions and decisions, improving focus and facilitating measurement of progress.

Long-Term Goals

Objectives or targets that are planned to be achieved over an extended period, typically over one year.

Strategic Planning

A methodical approach to imagining a preferred future, then converting this vision into general aims or targets and outlining a series of actions to reach these goals.