Question

what are the factors to be considered while formulating strategies​

Answer 1

Following factors should be considered while formulating strategies.

1. Vision and Mission of the organisation: Vision and Mission of the organisation works as the pillar for any organisation and while formulating strategies or future plans Vision and Mission should be given priority.
2. Growth prospects/opportunities: To take advantage of the growth opportunities organisations need to make full use of the situation and thus the organisation should make strategies which helps them to achieve its goals.
3. Market conditions: Startergies should be formulated keep in view the existing market conditions.
4. Business life cycle: It is very important for every business to understand its position in the business life cycle.