Focusing competitive advantage on information. Early Definition Determination of basic long-term goals and objectives Adoption of courses of action Allocation of resources necessary for carrying out these goals Chandler, A. 1962. Challenging, measurable, reasonable, clear. Established for overall corporation and each division 3. Determining internal strengths and weaknesses Controllable activities within an organization that are performed especially well or poorly.
Functional activities are areas where strengths or weaknesses arise.
Strategy Formulation Con t 5. Means by which long-term objectives will be achieved. Measurable and established at corporate, business, and functional levels. Mobilizing all functions to put formulated strategies into action. Strategy Evaluation Assess the outcomes of formulation and implementation.