A Strategic Formulation for Thinking Strategically

Strategy formulation is the long range plans for the effective management. It includes mission, achievable objectives, developing strategies, and setting policies guidelines.

Strategic vision of the firm’s future. A vision statement describes what the organization would like to become. Note that Organizations take care to puts financial words into mission and vision statement.

A purpose or reason for organization existence. It basically tells what the company is providing. Mission statement defines the fundamental, unique purpose that sets a company. It puts into words not only what the company is now, but also what it wants to become…

Goal as an open ended statement of what one wants to accomplish, what you wants to achieve.

Strategies are master plans how the corporation will achieve its mission, vision, objectives, goals etc.
There are different strategies works like corporate, Business Strategies, Functional Strategies.

Policy is a guideline for decision making that links the formulation of strategy with its implementation.

A program is a statement of the activities or steps needed to accomplish a plans or based on action oriented.

Procedures are systems of sequential steps or techniques that describe in detail how a particular task or job is to be done.


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