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CA Intermediate · Financial Management and Strategic Management · Introduction to Strategic Management

In the strategic management process, a company has already defined its vision, mission and objectives and has scanned the environment. Which step comes next logically before the strategy is put into action?

The next step is strategy formulation and choice. After vision, mission, objectives and environmental analysis, the firm must develop and select among strategic alternatives. Only after a strategy is chosen can it be implemented, and evaluation and control follow implementation.

  1. AStrategy evaluation and control
  2. BStrategy formulation and choiceCorrect
  3. CStrategy implementation
  4. DFeedback review of results

Explanation

The process runs from setting vision, mission and objectives, to environmental analysis, then strategy formulation and choice, then implementation, and finally evaluation and control. Since analysis is complete, formulation and choice come next. Implementation and evaluation come only after a strategy has been chosen.

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