Q: “Strategy formulation, implementation, evaluation and control are integrated processes”
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The statement highlights the interconnected nature of strategic management activities. Strategy formulation involves developing plans and setting objectives based on an organization’s vision, mission, and external environment. Implementation follows, where strategies are executed through specific actions and resource allocation. Evaluation and control are the processes used to monitor performance, assess whether the strategy is achieving its objectives, and make adjustments as needed.
These processes are integrated because the success of one phase depends on the effectiveness of the others. Formulation provides the direction and goals, but successful implementation requires translating these plans into actionable steps. Evaluation and control ensure that the strategy remains on track and adapts to changing circumstances. If any part of the process fails, it can impact the entire strategic plan, leading to suboptimal outcomes. For instance, a well-formulated strategy may fail if not properly implemented, and effective implementation might not succeed without rigorous evaluation and control mechanisms. Therefore, each phase should be aligned and responsive to ensure that the strategy is both feasible and adaptable.