critically appraise the formulation and implementation of strategic plans.

Critical Appraisal of the Formulation and Implementation of a Strategic Plan

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Critical Appraisal of the Formulation and Implementation of a Strategic Plan

Formulating a strategic plan is an essential element in remaining operational and harnessing opportunities that may come the way of a business entity . Owing to changes in market preferences and industry condition businesses are forced to operate within dynamic environments Since individual firms may not be in a position to determine and

influence changes in the macro-environment , developing effective strategic plans remain an avenue to ensuring improved performance (Wittmann Reuter 2008 . Formulation and implementation of strategic plan determine the levels of performance that an entity will attain and are therefore critical success factors for functional businesses . The strengths and relevance of the strategic directions adopted by a firm are largely influenced by the processes and steps taken in formulating and implementing the plan . This valuates the precautions , steps and critical considerations that were in mind when the strategic plan was formulated and implemented . The discusses the critical success factors , the important variables to consider and the entities that should be considered to ensure that the formulation and implementation of the strategic plan is successful

In formulating a strategic plan it is important to analyze the operational environment . A business operates in an environment that is affected by different variables that have to be understood and conceptualized to ensure that the resulting strategies are...