What is the process of strategy formulation?

Strategy formulation involves a systematic process that begins with defining the organization's vision, mission, and objectives. It includes conducting a thorough analysis of internal and external environments, often using tools like SWOT (Strengths, Weaknesses, Opportunities, Threats) analysis. Based on this assessment, alternative strategic options are generated and evaluated, leading to the selection of the most suitable strategy. Finally, the chosen strategy is articulated into a cohesive plan that outlines actions, resource allocation, and timelines for implementation.