| dc.description.abstract | Strategic formulation as part of a strategic management process comprises three phases:
diagnosis, formulation and implementation. Strategic management is an on-going
process to develop and revise future oriented strategies that allow an organization to
achieve its objectives, considering its capabilities, constraints and the environment in
which it operates (Porter 1980). Diagnosis includes performing a situation analysis
(analysis of the internal and external environment). Formulation is the second phase in
the strategic management process. Williams (2002) produces a clear set of
recommendations with supporting justification that revise the necessary mission and
objectives of the organization and supply the strategies for accomplishing them. In
formulation, we are trying to modify the current objectives and strategies in ways to
make the organization more successful. This includes trying to create “sustainable”
competitive advantage although most competitive advantages are eroded steadily by the
efforts from competitors. | en_US |
