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The first stage, and indeed an ongoing process for successful business entities in developing these strategies, is the careful evaluation of both the internal and external environment. This ?strategic audit' is carried out in such a way as to distil a large amount of complex data and variables into a theoretical framework which allows managers to apply certain normative statements or conditions to them. The Theoretical Framework is broken down into Internal and External models, (and SWOT which examines both.) There are many different models, but some have become generic to strategy formation and are widely applied...
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