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72). This paper will discuss formulating strategy. It will also discuss implementation and its importance.
Formulation
Corporate strategy has two components; formulation and implementation. Formulation produces a clear set of recommendations that help revise the mission and objectives of an organization, and supplies the strategies for accomplishing them (Mitchell, Retrieved January 18, 2005). It helps develop a firm's goals and sets a specific strategic plan.
In, The Strategy Process, the author argues that when a company formulates strategy it should determine its strengths, weaknesses, opportunities, and threats...
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