Question

What is the term for the action in which managers at an organisation analyse the current

situation of their organisation and then develop plans to accomplish its mission and

achieve its goals?

A) Synergy planning B) Strategy form

C) Functional planning D) SWOT analysis​

Answer 1

Answer:

The process of strategic management entails: Specifying the organization's mission, vision, and objectives. Developing policies and plans that are designed to achieve these objectives. Allocating resources to implement these policies and plans.

Answer 2

Strategy formulation is the term for the action in which managers at an organisation analyse the current situation of their organisation and then develop plans to accomplish its mission and achieve its goals. (Option B)

• The process of formulating a strategy involves analysing the internalities and externalities along with the goals of an organisation.
• The management devises plans to enhance the performance for goal achievement.
• It is done at various levels and considers organization, departments, and functions separately.
• It revolves around excessive planning and making decisions for the business while focusing on the vision and mission and its achievement.