Intuition and analysis are intertwined. The critical importance of proactively creating the future. 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. Stages of Strategic Management I. Strategy Formulation 1. 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.
Communication Tool External Internal 2. Specific results - more than one year. Challenging, measurable, reasonable, clear. Established for overall corporation and each division. Means by which long-term objectives will be achieved.