The Need for Better Strategy Formulation:
The results of situation analysis today a more dynamic than any time in the past. As such there is a significant impact on the formulation of strategic direction. Additionally, there are related categories on the strategic level such as initiatives, capabilities, projects, core processes, objectives, scenarios, and goals.
Strategy formulation starts with updating all the strategic level categories, understanding the relationships between the categories and which elements of each category are the most significant
The Strategy Formulation Approach
- Review scenarios
- Extracting strategy statements
- Setting performance criteria
- Assessing strategy significance
- Determining goals
- Assessing capabilities
- Anticipating strategy and strategic fit
Each component of strategy formulation fits with the other components and provides the insight needed to do strategy alignment.
