What aspect of strategy formulation do you think requires the most time? Why?
Answer to relevant QuestionsExplain why both internal and external factors should be stated in specific terms, i.e., using #’s, %’s, $’s, ratios, and comparisons over time, to the extent possible. Discuss the importance of feedback in the strategic-management model. In your opinion, what is the single major benefit of using a strategic-management approach to decision making? Justify your answer. Are “strategic management” and “strategic planning” synonymous terms? Explain. Compare and contrast vision statements with mission statements in terms of composition and importance.
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