Business environment in strategic formulation
A business strategy depicts how a specific business proposes to succeed in its preferred market place versus its competitors. It stages the best effort that the management can create at determining and ensuring the future of the business.
Strategic planning became a measuring process which was used to formulate the firm's strategies. Strategic management applied the process for business of the organization. Business has acquired global perspectives and technology of information is utilized to communicate and make decisions. Strategic management shows analysis of attempts of its organization, small or large to be efficient today as well as tomorrow in the world.
It involves decisions taken by the business entrepreneurs for long term performance of an organization.
Strategic management includes environmental skimming, strategy formulation, implementation, analysis and control. It emphasizes on monitoring and evaluating threats to the organization and opportunities for the organization. It studies organization's strength as well as weakness.
Strategy can be formulated at different levels such as corporate level, business level and functional level.