Is the following statements correct / incorrect: The first step of strategy formulation in strategi…
Is the following statements correct / incorrect: The first step of strategy formulation in strategic management model is to undertake internal analysis.
Your statement is Incorrect. Let me tell you why.
Identifying an organisation's existing vision, mission, objectives, and strategies is the starting point for any strategic management process. This is because an organisation’s existing situation and condition may preclude certain strategies and may even dictate a particular course of action for the organization.
Determining vision and mission provides long-term direction, delineate what kind of enterprise the company is trying to become and infuse the organisation with a sense of purposeful action. So, they are the first steps of strategy formulation and not undertaking of Internal Analysis.
