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5- Components of Strategic
Management Process
‘Strategy Formulation’ refers to the
process of choosing the most
appropriate course of action for the
Strategy Environmental
Evaluation Scanning realization of organizational goals
and objectives and thereby achieving
the organizational vision. The process
Strategy Strategy of strategy formulation basically
Implementation Formulation involves six main steps. Though these
steps do not follow a rigid
chronological order, however they
are very rational and can be easily
followed in this order.
The following are the six steps of strategy formulation process:
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