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The factors that are most important to the organizationâs future are referred to as strategic factors and can be summarized by the acronym SWOT â Strengths, Weaknesses, Opportunities and Threats.
3. Strategic formulation
Strategic formulation involves senior managers evaluating the interaction between strategic factors and making strategic choices that guide managers to meet the organizationâs goals...
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Some strategies are formulated at the corporate, business and specific functional levels. The term âstrategic choiceâ raises the question of who makes decisions and why they are made. The notion of strategic choice also draws attention to strategic management as a âpolitical processâ whereby decisions and actions on issues are taken by a âpower-dominantâ group of managers within the organization...
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