PART II: STRATEGY FORMULATION
1. Discuss the value of establishing long-term objectives;
2. Discuss different types of strategies; and
3. Discuss the level of strategies in large versus small firms.
This chapter brings long term objectives characteristics, benefits, and what to avoid. We
will also discuss the alternative strategies and the level of strategies.
represent the results expected from pursuing certain strategies.
Strategies represent the actions to be taken to accomplish long-term objectives. The time
frame for objectives and strategies should be consistent, usually from two to five years.
The desired characteristics of objectives
8. Congruent across departments
The benefits of having clear objectives
1. Provide direction by revealing expectations
2. Allow synergy
3. Aid in evaluation by serving as standards
4. Establish priorities
5. Reduce uncertainty
6. Minimize conflicts
CHAPTER V: STRATEGIES IN ACTION