What Are The Basic Steps In Formulating Business Strategy?


1 Answers

Mehreen Misbah Profile
Mehreen Misbah answered
Formulating a strategy is the most fundamental step of running a business. It is the concrete foundation on which the future of the business, successful or unsuccessful, stands. The feasibility of running the business is determined during this very stage, while the managers are formulating the strategy to operate it. In the realm of international management, strategic planning could be broken into certain steps that are four in number and are discussed below:

The first step involves scanning the external environment to look out for potential threats and prospective opportunities. Next comes the step of conducting an internal analysis of company strengths and weaknesses. Once the SWOT analysis is complete, the organization should work towards formulating goals in accordance with the inner attributes of the organization that are the strengths and weaknesses. In addition to that, the external factors of the market in which the company is operating should also be considered such as threats and opportunities.

Answer Question