Strategy Formulation A Concept For Achieving Success By...

The world we live in today is dynamic in nature. Strategists are quite aware of this fact and hence, strategy formulation is a day to day duty to adjust into the changing world. A strategy is a concept for relating means to ends which is difficult and requires a proper calculation to achieve efficacy. The nature of the strategy is constant throughout history, but its character continually evolves with changes of factors such as economy, technology, society, and political ideas. Other factors such as past historical experiences and geographical location may not change. The formulation of strategy involves the creative act of choosing a means, an end, a way to relate the two, or a combination of all the three. Hence, competitive strategy formulation is critical in setting up a framework for achieving success by decision makers. Additionally, a thorough evaluation of both tangible and non-tangible factors in planning is necessary. There is need to evaluate expected end results or settin g objectives, how to commit available resources, and the subsequent monitoring. This essay highlights how strategists should weigh considerations of both tangible and non-tangible factors in the formulation and execution of strategy. It will also analyze history (non-tangible) and technology (tangible) factors, to showcase how the two applied in decision making during the Kosovo crisis. There are several considerations in the formulation of strategy and they vary in different nations. Similarly,Show MoreRelatedThe Concept of Strategy and Strategic Management1718 Words   |  7 PagesTHE CONCEPT OF STRATEGY AND STRATEGIC MANAGEMENT G. Tyge Payne, PhD 1 Strategic Management Strategy: The unifying theme that gives coherence and direction to the decisions of an organization Strategic Management: Consisting of the analysis, decisions, and actions an organization undertakes in order to create and sustain competitive advantages. 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