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STRATEGY FORMULATION DATA SYNTHESIS ENVIRONMENTAL SCANNING AND SWOT ANALYSIS
BY
TANKO AHMED fwcSenior Fellow (Security amp Strategic Studies)
Research Directorate NIPSS Kuru ndash Jos NIGERIA
A Paper Presented to Participants of the NIPSS Policy Strategy and Leadership Course No 21 (4th ndash 29th April 2016)
Figure 1 Analogy of Molecular Modification as Strategy Formulation
STRATEGY
OBJECTIVE
A Prologue
bull The keen faculty of strategy extracts and refine tidings by careful survey of situations and assessment before initial or next moves
bull This paper discusses strategy formulation and correlates its elements of data synthesis environmental scanning and SWOT analysis
bull These constituents of strategy formulation pose challenges of solving a jigsaw puzzle for organizational leadership
Some Illustrations
bull ldquoStrategic formulation will help you fully uncover your available options set priorities for them and define the methods to achieve them ndash Robert J McKain (nd)
bull Strategy formulation is an initial or ongoing process of perceiving new position or opportunities which should be embedded in organizations ndash Harvard Business Review Blog Network (nd)
INTRODUCTIONldquoStrategy formulation is not the consequences of
planning but its starting pointrdquo ndash Henry Mintzberg
Background
bull Strategic Formulation employs basic information general situation and close examination of organizations
bull These three courses of action are often expressed in terms of data synthesis environmental scanning and SWOT analysis
bull All together the trio represents the tool-kit items of strategy formulation
Literature Review
bull Literature on strategy related issues has experienced advancement and spread from classical military operations to contemporary organizational studies and practice (Mitchell 2009 Acur amp Englyst 2006 Li Guohu amp Eppler 2008 Bordean et al 2010)
bull Strategy formulation skills and philosophy tend to uplift embolden and expand the capacity and frontier of organizational leadership (Acur amp English 2006 Li Guohu amp Eppler 2008 Bordean et al 2010)
bull Presently the venture of systematic planning and execution are deemed as attributes of middle and higher senior executives of organizations
Literature Milestonesbull Acur amp Englyst (2006) expound on thinking phases and
generic approaches for organizational strategy formulation including assessment and success criteria for organizations
bull Li Guohu amp Eppler (2008) demonstrate and review literature on how to make strategy formulation works for organizations
bull Mitchell (2009) emphasizes on organizational strategy formulation as tool for corporate rather than military operational instrument
bull Bordean (et al 2010) investigates the application of strategy formulation to companies as part of contemporary challenges and opportunities to organizations and leadership
Gap to Fill
This paper works on correlation of data synthesis environmental scanning and SWOT analysis as components of strategy formulation
Theorem
bull Theories of strategy or theories of action associated with strategy formulation flow along conceptual transition overtime (Barney 1986 Zan 1990 Porter 1991 Yarger 2006 Chamberlin 2010)
bull There is a proposal for an integrative framework for theory of strategy in managerial decisions and actions (Barney 1986 Zan 1990)
bull Also there has been a long standing progress in the field with emphasis on dynamic theory of strategy and cross-sectional and longitudinal problems in organizational environment (Porter1991)
A Theoretical Frameworkbull Yarger (2006) provides theories of action to the 21st
century organizational leadership in his work lsquoThe Little Book on Big Strategyrsquo
bull Chamberlain (2010) reviews past trends and treat left-over areas including concepts forces process and mechanisms by with strategy can take effect
bull Theories on strategy formulation are inclined to interactive nature of its components for rational propositions
bull Theoretical framework for this paper presupposes the correlation of strategic formulation components of data synthesis environmental scanning and SWOT analysis
Problem Statement
bull The use of strategy is avail to management process of organizations in the systematic incorporation of scientific observations and methods in formulating plans derived from mission and vision statements
bull Strategy formulation poses prospects as much as challenges to organizational leadership in the strategic management process
bull There is the need for middle and higher executives of organization to be acquainted with the rigours of conducting the strategy formation process
Points of Inquiry
bull To conceptualize strategy formulation and its major components
bull To itemize and correlate data synthesis environmental scanning and SWOT analysis in strategy formulation
bull To establish strategy formulation as starting point of the strategic management process or planning
bull To explain the conduct of strategy formulation as tool for organizational leadership and
bull To draw conclusion and suggest the way forward for success and survival of organizations
CONCEPTUAL FRAMEWORK
Strategy
bull Strategy focuses on possible courses of decisions and action utilizing available resources and determined by environmental influence
bull It is the practice of higher level plans or leadership in achieving set goals of organizations under ever changing situations or environments
bull It also involves patterns in streams of decisions and actions that shape the future into desirable ends by means of available resources (Mintzberg 1978 Mintzberg amp Quinn 1996 Kvint 2009 Freedman 2013)
Strategy Formulation
bull Strategy formulation is the task of analyzing the organizationrsquos internal and external environments and selecting or devising appropriate plans or strategies in setting goals or objectives and ways of achieving them
bull It involves the establishment or adjustment of mission and vision statements environmental analysis or scanning setting goals or objectives and the ways and means for attainment (Nabradi nd Mitchell 2009)
bull It is a living document that changes and grows time or events
Data Synthesis
bull Data is a body of factual information assembled for use in planning decision making or drawing conclusions
bull Synthesis refers to result of combination of different ideas influences or data for the purpose of producing structures or relationships known as formulation
bull Data Synthesis combines outcomes from different assumptions on overall effects of particular intervention to arrive at clear pattern for decision and action (Ellerby 2009 Berg 2013 Ryan 2013)
Environmental Scanning
bull Environment is the surrounding influence settings situation atmosphere background conditions or circumstances which determining the activities or fate of any given venture
bull Scanning refers to detailed or thorough examination of the environment for the purpose of extracting much needed data
bull Environmental Scanning is the systematic process of close monitoring for environmental signals for use in strategic decision making action or formulation of tasks (Zhang Majid amp Foo 2010)
SWOT Analysis
bull SWOT analysis is a veritable instrument or method of strategic planning use in strategy formulation
bull It evaluates strengths or advantages over others weaknesses or disadvantages relative to others opportunities or chances for progress and threats or causes for concern
bull It is the work room of strategy formulation where results of data synthesis and environmental scanning are put together for evaluation
bull It is used to identify and align strategies to available resources and capabilities to realities of the environment
Organizational Leadership
bull Organizational leadership is the management staff that provides inspiration objectives operational oversight and other administrative services to the organization often seen in Mission and Vision Statements (BusinessDictionarycom)
Strategic Management Process
bull The strategic management process (SMP) is an objective logical systematic and continuous approach for making major decisions and taking actions in an organization (Yousuf 2016)
bull It is defined as a dynamic process of strategy formulation implementation evaluation and control (Parnell 2005 David 2008 Vasile amp Iancu 2009 Vatchkova 2010 Hill Jones amp Schilling 2015 Yousuf 2016)
STRATEGIC FORMULATION AND
DATA SYNTHESIS
The Sense in Data
bull Data is most crucial in the process of choosing appropriate courses of action towards defined goals
bull Strategy formulation relies heavily on data for planning decision making and action for overall effects (Ellerby 2009)
bull Strategic control can only be achieved by data synthesis in which information is gathered refined applied and reviewed systematically over time (Ulwick 1999)
Data Synthesis in Strategic Formulation
bull Data Synthesis examines and infers relationships among sources in a clear obvious and definite format for useful in strategic formulation
bull It combines information and ideas to create and develop more ideas better focus wider perspective in an impending strategic formulation cycle
bull Output of data synthesis is useful for core insight critical thinking and testing of ideas in making next moves
bull These turn out good analysis as well as what to do next in strategy formulation towards set objectives
STRATEGIC FORMULATION AND
ENVIRONMENTAL SCANNING
The Keen Eyes of Strategy
bull Strategy requires keen sense balanced mind fast thinking quick response and accurate moves
bull Visual thinking improves mental attention skills associated with environmental scanning (Bohannon 2009)
bull A corresponding example of the keen eyes of strategy is seen in the sharp sense and high aptitude of expert computer gamers
Environmental Scanning in Strategic Formulation
bull As organizational environment increasingly become uncertain and complex environmental scanning enables organizations to detect change and formulate adaptive strategies (Zhang Majid amp Foo 2010)
bull In strategic sense environmental scanning is also about mastering the immediate locality to national regional and global surroundings within which the organization operates
bull It includes scanning strategies internal factors and perceived change leading to purposive strategy formulation
STRATEGIC FORMULATION AND
SWOT ANALYSIS
SWOT Analysis in Strategic Formulation
bull The process of taking stock of activities requires thorough examination of internal status and external context of organizations (Keeley nd)
bull SWOT analysis allows organizations to recognize themselves and their surrounding environments in order to plan implement and monitor their strategies (Hashemi et al 2012)
bull Strategy formulation is concerned with areas of strengths or advantages contributions of external factors or opportunities as well as watching for internal weaknesses and external threats
STRATEGY FORMULATION AS STRATEGIC TOOL OF
ORGANIZATIONAL LEADERSHIP
Strategy Formulation as Leadership Instrument
bull Strategy is ldquothe match an organization makes between its internal resources and skills and the opportunities and risks created by its external environmentrdquo (Grant 2001 p 114)
bull The strategic formulation cycle consisting of data synthesis environmental scanning and SWOT analysis submits to continuous review
bull It is an effective instrument of organizational leadership for effective and efficient attainment of mission and vision
Strategy Formulation and Organizational Performance
bull Consensus on objectives or methods and collaboration amongst management team members positively relates to organizational performance (Dess 2006)
bull Leadership has great influence on organizational performance particular as it relates to strategy formulation and day to day decision making actions
bull All these are tied to the cycle of vision mission and strategy formulation leading to action plan
CONCLUSION
Summary
bull The paper conceptualizes strategy formulation and its major components and discusses and correlates data synthesis environmental scanning and SWOT analysis in strategy formulation
bull It establishes strategy formulation as starting point of the strategic management process or planning and explains the conduct of strategy formulation as tool for organizational leadership
Conclusion
bull The strategy formulation is proposed as a crucial organizational leadership instrument of the strategic management process with illustrations
bull The paper draws conclusions on the foundational value and contribution of strategy formulation in the strategic management process
Recommendations
bull It strongly recommends knowledge and skills on strategy formulation and strategic management process for middle and higher executive who constitute organizational leadership
bull A simulation exercise is designed to practice on the application of strategy formulation in real world situations
SIMULATION EXERCISE
Groups of Course Participants are to prepare Strategy Formulation Schedule for the National Institute for Policy and Strategic Studies from the amended Mission and Vision of previous Exercise
ReferenceAcur N amp Englyst L (2006) Assessment of strategy formulation How to ensure quality in process and outcome International Journal of Operations and Production Management 26(1) 69-91Barney J B (1086) Types of competition and the theory of strategy Toward an integrative framework Academy of Management Review 11(4) 791-800 Retrieved from httpamraomorgcontent114791short Berg T M W Heymanns S S Leone D Vergouw J A Hayden A P Verhagen amp H Vet (2013) Overview of data-synthesis in systematic reviews of studies on outcome prediction BMC Medical Research Methodologies BMC Series Retrieved from httpbmcmmedresmethodolbiomedcentralcomarticles1011861471-2288-13-42 Bohannon J (2009) The keen eyes of a gamer Science March 30 [Online] American Association for Advancement of Science (AAAS) Retrieved from httpsciencemagorg 10 April 2016Bordean O Borza A Rus C amp Mitra C (2010) An investigation on the strategy formulation process within the Roman companies Managerial Challenges of the Contemporary Society Proceedings 26-31BusinessDictionarycom httpwwwbusinessdictionarycomdefinition-organizational-leadershiphtmlChamberlain G P (2010) Understanding strategy Charleston NC Create SpaceCorreia Z amp Wilson T D (1997) Scanning the business environment for information A grounded theory approach Information Research 2(4) April Retrieved from httpwwwinformationrnetir2-4paper21html Costa J (1997) A study of strategic planning and environmental scanning in the multi-unit Portuguese hotel sector A Thesis Submitted in Fulfillment of the Requirements for the Award of PhD Degree May Department of Management studies University of Surrey UKgtDavid F R (2008) Concepts of strategic management (6th Edition) Upper Saddle River NJ Prince-HallDess G G (2006) Consensus on strategy formulation and organizational performance Competitors in a fragmented industry Strategic Management Journal November 8 DOI 101002smj4250080305Ellerby L (2009) Analysis plus synthesis Turning data into insights UX Matters April 27 Retrieved from httpwwwuxmatterscomauthorsarchives200703lindsay_ellerbyphp Freedman L (2013) Strategy Oxford UK Oxford University PressGrant R M (2001) The resource-based theory of competitive advantage Implications for strategy formulation California Management Review Spring 1991___________ (2010) Analyzing the industry environment In Mazzucato M (ed) Strategy for business A reader London SAGE PublicationsHashemi N F Masdeh M M Razeghi A amp Rahimian A (2012) Formulating and choosing strategies using SWOT analysis and QSPM matrix A case study of Hamadan Glass CompanyHarvard Business School Review (HBR) Blog Network httpblogshbrorg Hill C W Jones G R amp Schilling M A (2015) Strategic management theory (11th Edition) London UK Cengage LearningKeeley E T (n d) How to conduct a SWOT analysis [Online] Retrieved from httpoieekuedusitesoieekuedufilesfilesSWOT20Analysispdf 10 April 2016
bull Kvint V (2009) The global emerging market Strategic management and economics New York NY Routledge Publishing Li Y Guohu S amp Eppler M J (2008) Making strategy work A literature review on factors influencing strategy implementation ICA Working Papers 22008 Institute for Corporate Communication Lugano SwitzerlandMichael Porter (nd) BrainyQuotecom Retrieved April 7 2016 from BrainyQuotecom Web site httpwwwbrainyquotecomquotesquotesmmichaelpor378202html Mitchell R C (2009) Strategy formulation [Online] Retrieved from httpwwwsaylororgsitewp-contentuploads201304BUS300-23_Strategy-Formulationpdf 10 April 2016Mintzberg H amp Quinn J B (1996) The strategy process Concepts contexts cases Upper Saddle River NJ Prentice HallMintzberg H (1978) Patterns in strategy formation Management Science 24(9) 934-948Nabradi A (nd) Strategic management process strategy formulation [Online] Retrieved from httpwwwagrunizghrmultimediapdfstrategic_mgmt_2pdfParnell J A (2005) Strategic philosophy and management level Management Decision 3(2) 157-170 Retrieved from httpwwwemeraldinsightcom00251747htm Porter M E (1991) Towards a dynamic theory of strategy Strategic Management Journal 12(S2) 95-117 Winter DOI101002smj4250121008 Porter M E (2010) What is strategy In Mazzucato M (ed) Strategy for business A reader London SAGE PublicationsRyan R (2013) Cochrane consumers and communication review group Data synthesis and analysis Cochrane Consumers and Communication Review Group June Retrieved from httpccorgcochraneorg Scouller J (2011) Three levels of leadership How to develop your leadership presence knowhow and skills Cirencester UK Management Books 2000Theocharopoulos M (2012) Strategy formulation using SWOT Retrieved from httpwwwslidesharenetmanostheocharopoulosstrategy-formulation-using-swot-15650383Ulwick A W (1999) Business strategy formulation Theory process and the intellectual revolution London UK Quorum BooksVasile T amp Iancu A (2009) A model of the strategic management processVatchkova E (2012) Contents historical development of strategy Strategic management Retrieved from httpwwwiucedueugroupmba_learning2012STRATMANEV-L1-introductionpdfWilliam E Rothschild W E (nd) httpwwwazquotescompicture-quotes Yarger H R (2006) Strategic theory for the 21st century The little book for big strategy Strategic Studies Institute Retrieved from httpwwwStrategicStudiesInstitutearmymil Yousuf M (2016) The nature of strategic management Chapter I What is strategic management Academia httpswwwacademiaedu6349510THE_NATURE_OF_STRATEGIC_MANAGEMENT_I_WHAT_IS_STRATEGIC_MANAGEMENTZan L (1990) Looking for theories in strategy studies Scandinavian Journal of Management 6(2) 89-108 httpwwwsciencedirectcomsciencearticlepii095652219090018C Zhang X Majid S amp Foo S (2010) Environmental scanning An application of information literacy skills at the work place Journal of Information Science 36(6) 719-732 DOI1011771065551510385644 httpwwwquotelandcomauthorRobert-J-Mckain-Quotes6434httpspcscaliforniaincwordpresscomcategorygeneral-management-workshop httpwwwcivilserviceindiacomsubjectManagementnotesnature-and-scope-of-strategic-managementhtml
A Paper Presented to Participants of the NIPSS Policy Strategy and Leadership Course No 21 (4th ndash 29th April 2016)
Figure 1 Analogy of Molecular Modification as Strategy Formulation
STRATEGY
OBJECTIVE
A Prologue
bull The keen faculty of strategy extracts and refine tidings by careful survey of situations and assessment before initial or next moves
bull This paper discusses strategy formulation and correlates its elements of data synthesis environmental scanning and SWOT analysis
bull These constituents of strategy formulation pose challenges of solving a jigsaw puzzle for organizational leadership
Some Illustrations
bull ldquoStrategic formulation will help you fully uncover your available options set priorities for them and define the methods to achieve them ndash Robert J McKain (nd)
bull Strategy formulation is an initial or ongoing process of perceiving new position or opportunities which should be embedded in organizations ndash Harvard Business Review Blog Network (nd)
INTRODUCTIONldquoStrategy formulation is not the consequences of
planning but its starting pointrdquo ndash Henry Mintzberg
Background
bull Strategic Formulation employs basic information general situation and close examination of organizations
bull These three courses of action are often expressed in terms of data synthesis environmental scanning and SWOT analysis
bull All together the trio represents the tool-kit items of strategy formulation
Literature Review
bull Literature on strategy related issues has experienced advancement and spread from classical military operations to contemporary organizational studies and practice (Mitchell 2009 Acur amp Englyst 2006 Li Guohu amp Eppler 2008 Bordean et al 2010)
bull Strategy formulation skills and philosophy tend to uplift embolden and expand the capacity and frontier of organizational leadership (Acur amp English 2006 Li Guohu amp Eppler 2008 Bordean et al 2010)
bull Presently the venture of systematic planning and execution are deemed as attributes of middle and higher senior executives of organizations
Literature Milestonesbull Acur amp Englyst (2006) expound on thinking phases and
generic approaches for organizational strategy formulation including assessment and success criteria for organizations
bull Li Guohu amp Eppler (2008) demonstrate and review literature on how to make strategy formulation works for organizations
bull Mitchell (2009) emphasizes on organizational strategy formulation as tool for corporate rather than military operational instrument
bull Bordean (et al 2010) investigates the application of strategy formulation to companies as part of contemporary challenges and opportunities to organizations and leadership
Gap to Fill
This paper works on correlation of data synthesis environmental scanning and SWOT analysis as components of strategy formulation
Theorem
bull Theories of strategy or theories of action associated with strategy formulation flow along conceptual transition overtime (Barney 1986 Zan 1990 Porter 1991 Yarger 2006 Chamberlin 2010)
bull There is a proposal for an integrative framework for theory of strategy in managerial decisions and actions (Barney 1986 Zan 1990)
bull Also there has been a long standing progress in the field with emphasis on dynamic theory of strategy and cross-sectional and longitudinal problems in organizational environment (Porter1991)
A Theoretical Frameworkbull Yarger (2006) provides theories of action to the 21st
century organizational leadership in his work lsquoThe Little Book on Big Strategyrsquo
bull Chamberlain (2010) reviews past trends and treat left-over areas including concepts forces process and mechanisms by with strategy can take effect
bull Theories on strategy formulation are inclined to interactive nature of its components for rational propositions
bull Theoretical framework for this paper presupposes the correlation of strategic formulation components of data synthesis environmental scanning and SWOT analysis
Problem Statement
bull The use of strategy is avail to management process of organizations in the systematic incorporation of scientific observations and methods in formulating plans derived from mission and vision statements
bull Strategy formulation poses prospects as much as challenges to organizational leadership in the strategic management process
bull There is the need for middle and higher executives of organization to be acquainted with the rigours of conducting the strategy formation process
Points of Inquiry
bull To conceptualize strategy formulation and its major components
bull To itemize and correlate data synthesis environmental scanning and SWOT analysis in strategy formulation
bull To establish strategy formulation as starting point of the strategic management process or planning
bull To explain the conduct of strategy formulation as tool for organizational leadership and
bull To draw conclusion and suggest the way forward for success and survival of organizations
CONCEPTUAL FRAMEWORK
Strategy
bull Strategy focuses on possible courses of decisions and action utilizing available resources and determined by environmental influence
bull It is the practice of higher level plans or leadership in achieving set goals of organizations under ever changing situations or environments
bull It also involves patterns in streams of decisions and actions that shape the future into desirable ends by means of available resources (Mintzberg 1978 Mintzberg amp Quinn 1996 Kvint 2009 Freedman 2013)
Strategy Formulation
bull Strategy formulation is the task of analyzing the organizationrsquos internal and external environments and selecting or devising appropriate plans or strategies in setting goals or objectives and ways of achieving them
bull It involves the establishment or adjustment of mission and vision statements environmental analysis or scanning setting goals or objectives and the ways and means for attainment (Nabradi nd Mitchell 2009)
bull It is a living document that changes and grows time or events
Data Synthesis
bull Data is a body of factual information assembled for use in planning decision making or drawing conclusions
bull Synthesis refers to result of combination of different ideas influences or data for the purpose of producing structures or relationships known as formulation
bull Data Synthesis combines outcomes from different assumptions on overall effects of particular intervention to arrive at clear pattern for decision and action (Ellerby 2009 Berg 2013 Ryan 2013)
Environmental Scanning
bull Environment is the surrounding influence settings situation atmosphere background conditions or circumstances which determining the activities or fate of any given venture
bull Scanning refers to detailed or thorough examination of the environment for the purpose of extracting much needed data
bull Environmental Scanning is the systematic process of close monitoring for environmental signals for use in strategic decision making action or formulation of tasks (Zhang Majid amp Foo 2010)
SWOT Analysis
bull SWOT analysis is a veritable instrument or method of strategic planning use in strategy formulation
bull It evaluates strengths or advantages over others weaknesses or disadvantages relative to others opportunities or chances for progress and threats or causes for concern
bull It is the work room of strategy formulation where results of data synthesis and environmental scanning are put together for evaluation
bull It is used to identify and align strategies to available resources and capabilities to realities of the environment
Organizational Leadership
bull Organizational leadership is the management staff that provides inspiration objectives operational oversight and other administrative services to the organization often seen in Mission and Vision Statements (BusinessDictionarycom)
Strategic Management Process
bull The strategic management process (SMP) is an objective logical systematic and continuous approach for making major decisions and taking actions in an organization (Yousuf 2016)
bull It is defined as a dynamic process of strategy formulation implementation evaluation and control (Parnell 2005 David 2008 Vasile amp Iancu 2009 Vatchkova 2010 Hill Jones amp Schilling 2015 Yousuf 2016)
STRATEGIC FORMULATION AND
DATA SYNTHESIS
The Sense in Data
bull Data is most crucial in the process of choosing appropriate courses of action towards defined goals
bull Strategy formulation relies heavily on data for planning decision making and action for overall effects (Ellerby 2009)
bull Strategic control can only be achieved by data synthesis in which information is gathered refined applied and reviewed systematically over time (Ulwick 1999)
Data Synthesis in Strategic Formulation
bull Data Synthesis examines and infers relationships among sources in a clear obvious and definite format for useful in strategic formulation
bull It combines information and ideas to create and develop more ideas better focus wider perspective in an impending strategic formulation cycle
bull Output of data synthesis is useful for core insight critical thinking and testing of ideas in making next moves
bull These turn out good analysis as well as what to do next in strategy formulation towards set objectives
STRATEGIC FORMULATION AND
ENVIRONMENTAL SCANNING
The Keen Eyes of Strategy
bull Strategy requires keen sense balanced mind fast thinking quick response and accurate moves
bull Visual thinking improves mental attention skills associated with environmental scanning (Bohannon 2009)
bull A corresponding example of the keen eyes of strategy is seen in the sharp sense and high aptitude of expert computer gamers
Environmental Scanning in Strategic Formulation
bull As organizational environment increasingly become uncertain and complex environmental scanning enables organizations to detect change and formulate adaptive strategies (Zhang Majid amp Foo 2010)
bull In strategic sense environmental scanning is also about mastering the immediate locality to national regional and global surroundings within which the organization operates
bull It includes scanning strategies internal factors and perceived change leading to purposive strategy formulation
STRATEGIC FORMULATION AND
SWOT ANALYSIS
SWOT Analysis in Strategic Formulation
bull The process of taking stock of activities requires thorough examination of internal status and external context of organizations (Keeley nd)
bull SWOT analysis allows organizations to recognize themselves and their surrounding environments in order to plan implement and monitor their strategies (Hashemi et al 2012)
bull Strategy formulation is concerned with areas of strengths or advantages contributions of external factors or opportunities as well as watching for internal weaknesses and external threats
STRATEGY FORMULATION AS STRATEGIC TOOL OF
ORGANIZATIONAL LEADERSHIP
Strategy Formulation as Leadership Instrument
bull Strategy is ldquothe match an organization makes between its internal resources and skills and the opportunities and risks created by its external environmentrdquo (Grant 2001 p 114)
bull The strategic formulation cycle consisting of data synthesis environmental scanning and SWOT analysis submits to continuous review
bull It is an effective instrument of organizational leadership for effective and efficient attainment of mission and vision
Strategy Formulation and Organizational Performance
bull Consensus on objectives or methods and collaboration amongst management team members positively relates to organizational performance (Dess 2006)
bull Leadership has great influence on organizational performance particular as it relates to strategy formulation and day to day decision making actions
bull All these are tied to the cycle of vision mission and strategy formulation leading to action plan
CONCLUSION
Summary
bull The paper conceptualizes strategy formulation and its major components and discusses and correlates data synthesis environmental scanning and SWOT analysis in strategy formulation
bull It establishes strategy formulation as starting point of the strategic management process or planning and explains the conduct of strategy formulation as tool for organizational leadership
Conclusion
bull The strategy formulation is proposed as a crucial organizational leadership instrument of the strategic management process with illustrations
bull The paper draws conclusions on the foundational value and contribution of strategy formulation in the strategic management process
Recommendations
bull It strongly recommends knowledge and skills on strategy formulation and strategic management process for middle and higher executive who constitute organizational leadership
bull A simulation exercise is designed to practice on the application of strategy formulation in real world situations
SIMULATION EXERCISE
Groups of Course Participants are to prepare Strategy Formulation Schedule for the National Institute for Policy and Strategic Studies from the amended Mission and Vision of previous Exercise
ReferenceAcur N amp Englyst L (2006) Assessment of strategy formulation How to ensure quality in process and outcome International Journal of Operations and Production Management 26(1) 69-91Barney J B (1086) Types of competition and the theory of strategy Toward an integrative framework Academy of Management Review 11(4) 791-800 Retrieved from httpamraomorgcontent114791short Berg T M W Heymanns S S Leone D Vergouw J A Hayden A P Verhagen amp H Vet (2013) Overview of data-synthesis in systematic reviews of studies on outcome prediction BMC Medical Research Methodologies BMC Series Retrieved from httpbmcmmedresmethodolbiomedcentralcomarticles1011861471-2288-13-42 Bohannon J (2009) The keen eyes of a gamer Science March 30 [Online] American Association for Advancement of Science (AAAS) Retrieved from httpsciencemagorg 10 April 2016Bordean O Borza A Rus C amp Mitra C (2010) An investigation on the strategy formulation process within the Roman companies Managerial Challenges of the Contemporary Society Proceedings 26-31BusinessDictionarycom httpwwwbusinessdictionarycomdefinition-organizational-leadershiphtmlChamberlain G P (2010) Understanding strategy Charleston NC Create SpaceCorreia Z amp Wilson T D (1997) Scanning the business environment for information A grounded theory approach Information Research 2(4) April Retrieved from httpwwwinformationrnetir2-4paper21html Costa J (1997) A study of strategic planning and environmental scanning in the multi-unit Portuguese hotel sector A Thesis Submitted in Fulfillment of the Requirements for the Award of PhD Degree May Department of Management studies University of Surrey UKgtDavid F R (2008) Concepts of strategic management (6th Edition) Upper Saddle River NJ Prince-HallDess G G (2006) Consensus on strategy formulation and organizational performance Competitors in a fragmented industry Strategic Management Journal November 8 DOI 101002smj4250080305Ellerby L (2009) Analysis plus synthesis Turning data into insights UX Matters April 27 Retrieved from httpwwwuxmatterscomauthorsarchives200703lindsay_ellerbyphp Freedman L (2013) Strategy Oxford UK Oxford University PressGrant R M (2001) The resource-based theory of competitive advantage Implications for strategy formulation California Management Review Spring 1991___________ (2010) Analyzing the industry environment In Mazzucato M (ed) Strategy for business A reader London SAGE PublicationsHashemi N F Masdeh M M Razeghi A amp Rahimian A (2012) Formulating and choosing strategies using SWOT analysis and QSPM matrix A case study of Hamadan Glass CompanyHarvard Business School Review (HBR) Blog Network httpblogshbrorg Hill C W Jones G R amp Schilling M A (2015) Strategic management theory (11th Edition) London UK Cengage LearningKeeley E T (n d) How to conduct a SWOT analysis [Online] Retrieved from httpoieekuedusitesoieekuedufilesfilesSWOT20Analysispdf 10 April 2016
bull Kvint V (2009) The global emerging market Strategic management and economics New York NY Routledge Publishing Li Y Guohu S amp Eppler M J (2008) Making strategy work A literature review on factors influencing strategy implementation ICA Working Papers 22008 Institute for Corporate Communication Lugano SwitzerlandMichael Porter (nd) BrainyQuotecom Retrieved April 7 2016 from BrainyQuotecom Web site httpwwwbrainyquotecomquotesquotesmmichaelpor378202html Mitchell R C (2009) Strategy formulation [Online] Retrieved from httpwwwsaylororgsitewp-contentuploads201304BUS300-23_Strategy-Formulationpdf 10 April 2016Mintzberg H amp Quinn J B (1996) The strategy process Concepts contexts cases Upper Saddle River NJ Prentice HallMintzberg H (1978) Patterns in strategy formation Management Science 24(9) 934-948Nabradi A (nd) Strategic management process strategy formulation [Online] Retrieved from httpwwwagrunizghrmultimediapdfstrategic_mgmt_2pdfParnell J A (2005) Strategic philosophy and management level Management Decision 3(2) 157-170 Retrieved from httpwwwemeraldinsightcom00251747htm Porter M E (1991) Towards a dynamic theory of strategy Strategic Management Journal 12(S2) 95-117 Winter DOI101002smj4250121008 Porter M E (2010) What is strategy In Mazzucato M (ed) Strategy for business A reader London SAGE PublicationsRyan R (2013) Cochrane consumers and communication review group Data synthesis and analysis Cochrane Consumers and Communication Review Group June Retrieved from httpccorgcochraneorg Scouller J (2011) Three levels of leadership How to develop your leadership presence knowhow and skills Cirencester UK Management Books 2000Theocharopoulos M (2012) Strategy formulation using SWOT Retrieved from httpwwwslidesharenetmanostheocharopoulosstrategy-formulation-using-swot-15650383Ulwick A W (1999) Business strategy formulation Theory process and the intellectual revolution London UK Quorum BooksVasile T amp Iancu A (2009) A model of the strategic management processVatchkova E (2012) Contents historical development of strategy Strategic management Retrieved from httpwwwiucedueugroupmba_learning2012STRATMANEV-L1-introductionpdfWilliam E Rothschild W E (nd) httpwwwazquotescompicture-quotes Yarger H R (2006) Strategic theory for the 21st century The little book for big strategy Strategic Studies Institute Retrieved from httpwwwStrategicStudiesInstitutearmymil Yousuf M (2016) The nature of strategic management Chapter I What is strategic management Academia httpswwwacademiaedu6349510THE_NATURE_OF_STRATEGIC_MANAGEMENT_I_WHAT_IS_STRATEGIC_MANAGEMENTZan L (1990) Looking for theories in strategy studies Scandinavian Journal of Management 6(2) 89-108 httpwwwsciencedirectcomsciencearticlepii095652219090018C Zhang X Majid S amp Foo S (2010) Environmental scanning An application of information literacy skills at the work place Journal of Information Science 36(6) 719-732 DOI1011771065551510385644 httpwwwquotelandcomauthorRobert-J-Mckain-Quotes6434httpspcscaliforniaincwordpresscomcategorygeneral-management-workshop httpwwwcivilserviceindiacomsubjectManagementnotesnature-and-scope-of-strategic-managementhtml
Figure 1 Analogy of Molecular Modification as Strategy Formulation
STRATEGY
OBJECTIVE
A Prologue
bull The keen faculty of strategy extracts and refine tidings by careful survey of situations and assessment before initial or next moves
bull This paper discusses strategy formulation and correlates its elements of data synthesis environmental scanning and SWOT analysis
bull These constituents of strategy formulation pose challenges of solving a jigsaw puzzle for organizational leadership
Some Illustrations
bull ldquoStrategic formulation will help you fully uncover your available options set priorities for them and define the methods to achieve them ndash Robert J McKain (nd)
bull Strategy formulation is an initial or ongoing process of perceiving new position or opportunities which should be embedded in organizations ndash Harvard Business Review Blog Network (nd)
INTRODUCTIONldquoStrategy formulation is not the consequences of
planning but its starting pointrdquo ndash Henry Mintzberg
Background
bull Strategic Formulation employs basic information general situation and close examination of organizations
bull These three courses of action are often expressed in terms of data synthesis environmental scanning and SWOT analysis
bull All together the trio represents the tool-kit items of strategy formulation
Literature Review
bull Literature on strategy related issues has experienced advancement and spread from classical military operations to contemporary organizational studies and practice (Mitchell 2009 Acur amp Englyst 2006 Li Guohu amp Eppler 2008 Bordean et al 2010)
bull Strategy formulation skills and philosophy tend to uplift embolden and expand the capacity and frontier of organizational leadership (Acur amp English 2006 Li Guohu amp Eppler 2008 Bordean et al 2010)
bull Presently the venture of systematic planning and execution are deemed as attributes of middle and higher senior executives of organizations
Literature Milestonesbull Acur amp Englyst (2006) expound on thinking phases and
generic approaches for organizational strategy formulation including assessment and success criteria for organizations
bull Li Guohu amp Eppler (2008) demonstrate and review literature on how to make strategy formulation works for organizations
bull Mitchell (2009) emphasizes on organizational strategy formulation as tool for corporate rather than military operational instrument
bull Bordean (et al 2010) investigates the application of strategy formulation to companies as part of contemporary challenges and opportunities to organizations and leadership
Gap to Fill
This paper works on correlation of data synthesis environmental scanning and SWOT analysis as components of strategy formulation
Theorem
bull Theories of strategy or theories of action associated with strategy formulation flow along conceptual transition overtime (Barney 1986 Zan 1990 Porter 1991 Yarger 2006 Chamberlin 2010)
bull There is a proposal for an integrative framework for theory of strategy in managerial decisions and actions (Barney 1986 Zan 1990)
bull Also there has been a long standing progress in the field with emphasis on dynamic theory of strategy and cross-sectional and longitudinal problems in organizational environment (Porter1991)
A Theoretical Frameworkbull Yarger (2006) provides theories of action to the 21st
century organizational leadership in his work lsquoThe Little Book on Big Strategyrsquo
bull Chamberlain (2010) reviews past trends and treat left-over areas including concepts forces process and mechanisms by with strategy can take effect
bull Theories on strategy formulation are inclined to interactive nature of its components for rational propositions
bull Theoretical framework for this paper presupposes the correlation of strategic formulation components of data synthesis environmental scanning and SWOT analysis
Problem Statement
bull The use of strategy is avail to management process of organizations in the systematic incorporation of scientific observations and methods in formulating plans derived from mission and vision statements
bull Strategy formulation poses prospects as much as challenges to organizational leadership in the strategic management process
bull There is the need for middle and higher executives of organization to be acquainted with the rigours of conducting the strategy formation process
Points of Inquiry
bull To conceptualize strategy formulation and its major components
bull To itemize and correlate data synthesis environmental scanning and SWOT analysis in strategy formulation
bull To establish strategy formulation as starting point of the strategic management process or planning
bull To explain the conduct of strategy formulation as tool for organizational leadership and
bull To draw conclusion and suggest the way forward for success and survival of organizations
CONCEPTUAL FRAMEWORK
Strategy
bull Strategy focuses on possible courses of decisions and action utilizing available resources and determined by environmental influence
bull It is the practice of higher level plans or leadership in achieving set goals of organizations under ever changing situations or environments
bull It also involves patterns in streams of decisions and actions that shape the future into desirable ends by means of available resources (Mintzberg 1978 Mintzberg amp Quinn 1996 Kvint 2009 Freedman 2013)
Strategy Formulation
bull Strategy formulation is the task of analyzing the organizationrsquos internal and external environments and selecting or devising appropriate plans or strategies in setting goals or objectives and ways of achieving them
bull It involves the establishment or adjustment of mission and vision statements environmental analysis or scanning setting goals or objectives and the ways and means for attainment (Nabradi nd Mitchell 2009)
bull It is a living document that changes and grows time or events
Data Synthesis
bull Data is a body of factual information assembled for use in planning decision making or drawing conclusions
bull Synthesis refers to result of combination of different ideas influences or data for the purpose of producing structures or relationships known as formulation
bull Data Synthesis combines outcomes from different assumptions on overall effects of particular intervention to arrive at clear pattern for decision and action (Ellerby 2009 Berg 2013 Ryan 2013)
Environmental Scanning
bull Environment is the surrounding influence settings situation atmosphere background conditions or circumstances which determining the activities or fate of any given venture
bull Scanning refers to detailed or thorough examination of the environment for the purpose of extracting much needed data
bull Environmental Scanning is the systematic process of close monitoring for environmental signals for use in strategic decision making action or formulation of tasks (Zhang Majid amp Foo 2010)
SWOT Analysis
bull SWOT analysis is a veritable instrument or method of strategic planning use in strategy formulation
bull It evaluates strengths or advantages over others weaknesses or disadvantages relative to others opportunities or chances for progress and threats or causes for concern
bull It is the work room of strategy formulation where results of data synthesis and environmental scanning are put together for evaluation
bull It is used to identify and align strategies to available resources and capabilities to realities of the environment
Organizational Leadership
bull Organizational leadership is the management staff that provides inspiration objectives operational oversight and other administrative services to the organization often seen in Mission and Vision Statements (BusinessDictionarycom)
Strategic Management Process
bull The strategic management process (SMP) is an objective logical systematic and continuous approach for making major decisions and taking actions in an organization (Yousuf 2016)
bull It is defined as a dynamic process of strategy formulation implementation evaluation and control (Parnell 2005 David 2008 Vasile amp Iancu 2009 Vatchkova 2010 Hill Jones amp Schilling 2015 Yousuf 2016)
STRATEGIC FORMULATION AND
DATA SYNTHESIS
The Sense in Data
bull Data is most crucial in the process of choosing appropriate courses of action towards defined goals
bull Strategy formulation relies heavily on data for planning decision making and action for overall effects (Ellerby 2009)
bull Strategic control can only be achieved by data synthesis in which information is gathered refined applied and reviewed systematically over time (Ulwick 1999)
Data Synthesis in Strategic Formulation
bull Data Synthesis examines and infers relationships among sources in a clear obvious and definite format for useful in strategic formulation
bull It combines information and ideas to create and develop more ideas better focus wider perspective in an impending strategic formulation cycle
bull Output of data synthesis is useful for core insight critical thinking and testing of ideas in making next moves
bull These turn out good analysis as well as what to do next in strategy formulation towards set objectives
STRATEGIC FORMULATION AND
ENVIRONMENTAL SCANNING
The Keen Eyes of Strategy
bull Strategy requires keen sense balanced mind fast thinking quick response and accurate moves
bull Visual thinking improves mental attention skills associated with environmental scanning (Bohannon 2009)
bull A corresponding example of the keen eyes of strategy is seen in the sharp sense and high aptitude of expert computer gamers
Environmental Scanning in Strategic Formulation
bull As organizational environment increasingly become uncertain and complex environmental scanning enables organizations to detect change and formulate adaptive strategies (Zhang Majid amp Foo 2010)
bull In strategic sense environmental scanning is also about mastering the immediate locality to national regional and global surroundings within which the organization operates
bull It includes scanning strategies internal factors and perceived change leading to purposive strategy formulation
STRATEGIC FORMULATION AND
SWOT ANALYSIS
SWOT Analysis in Strategic Formulation
bull The process of taking stock of activities requires thorough examination of internal status and external context of organizations (Keeley nd)
bull SWOT analysis allows organizations to recognize themselves and their surrounding environments in order to plan implement and monitor their strategies (Hashemi et al 2012)
bull Strategy formulation is concerned with areas of strengths or advantages contributions of external factors or opportunities as well as watching for internal weaknesses and external threats
STRATEGY FORMULATION AS STRATEGIC TOOL OF
ORGANIZATIONAL LEADERSHIP
Strategy Formulation as Leadership Instrument
bull Strategy is ldquothe match an organization makes between its internal resources and skills and the opportunities and risks created by its external environmentrdquo (Grant 2001 p 114)
bull The strategic formulation cycle consisting of data synthesis environmental scanning and SWOT analysis submits to continuous review
bull It is an effective instrument of organizational leadership for effective and efficient attainment of mission and vision
Strategy Formulation and Organizational Performance
bull Consensus on objectives or methods and collaboration amongst management team members positively relates to organizational performance (Dess 2006)
bull Leadership has great influence on organizational performance particular as it relates to strategy formulation and day to day decision making actions
bull All these are tied to the cycle of vision mission and strategy formulation leading to action plan
CONCLUSION
Summary
bull The paper conceptualizes strategy formulation and its major components and discusses and correlates data synthesis environmental scanning and SWOT analysis in strategy formulation
bull It establishes strategy formulation as starting point of the strategic management process or planning and explains the conduct of strategy formulation as tool for organizational leadership
Conclusion
bull The strategy formulation is proposed as a crucial organizational leadership instrument of the strategic management process with illustrations
bull The paper draws conclusions on the foundational value and contribution of strategy formulation in the strategic management process
Recommendations
bull It strongly recommends knowledge and skills on strategy formulation and strategic management process for middle and higher executive who constitute organizational leadership
bull A simulation exercise is designed to practice on the application of strategy formulation in real world situations
SIMULATION EXERCISE
Groups of Course Participants are to prepare Strategy Formulation Schedule for the National Institute for Policy and Strategic Studies from the amended Mission and Vision of previous Exercise
ReferenceAcur N amp Englyst L (2006) Assessment of strategy formulation How to ensure quality in process and outcome International Journal of Operations and Production Management 26(1) 69-91Barney J B (1086) Types of competition and the theory of strategy Toward an integrative framework Academy of Management Review 11(4) 791-800 Retrieved from httpamraomorgcontent114791short Berg T M W Heymanns S S Leone D Vergouw J A Hayden A P Verhagen amp H Vet (2013) Overview of data-synthesis in systematic reviews of studies on outcome prediction BMC Medical Research Methodologies BMC Series Retrieved from httpbmcmmedresmethodolbiomedcentralcomarticles1011861471-2288-13-42 Bohannon J (2009) The keen eyes of a gamer Science March 30 [Online] American Association for Advancement of Science (AAAS) Retrieved from httpsciencemagorg 10 April 2016Bordean O Borza A Rus C amp Mitra C (2010) An investigation on the strategy formulation process within the Roman companies Managerial Challenges of the Contemporary Society Proceedings 26-31BusinessDictionarycom httpwwwbusinessdictionarycomdefinition-organizational-leadershiphtmlChamberlain G P (2010) Understanding strategy Charleston NC Create SpaceCorreia Z amp Wilson T D (1997) Scanning the business environment for information A grounded theory approach Information Research 2(4) April Retrieved from httpwwwinformationrnetir2-4paper21html Costa J (1997) A study of strategic planning and environmental scanning in the multi-unit Portuguese hotel sector A Thesis Submitted in Fulfillment of the Requirements for the Award of PhD Degree May Department of Management studies University of Surrey UKgtDavid F R (2008) Concepts of strategic management (6th Edition) Upper Saddle River NJ Prince-HallDess G G (2006) Consensus on strategy formulation and organizational performance Competitors in a fragmented industry Strategic Management Journal November 8 DOI 101002smj4250080305Ellerby L (2009) Analysis plus synthesis Turning data into insights UX Matters April 27 Retrieved from httpwwwuxmatterscomauthorsarchives200703lindsay_ellerbyphp Freedman L (2013) Strategy Oxford UK Oxford University PressGrant R M (2001) The resource-based theory of competitive advantage Implications for strategy formulation California Management Review Spring 1991___________ (2010) Analyzing the industry environment In Mazzucato M (ed) Strategy for business A reader London SAGE PublicationsHashemi N F Masdeh M M Razeghi A amp Rahimian A (2012) Formulating and choosing strategies using SWOT analysis and QSPM matrix A case study of Hamadan Glass CompanyHarvard Business School Review (HBR) Blog Network httpblogshbrorg Hill C W Jones G R amp Schilling M A (2015) Strategic management theory (11th Edition) London UK Cengage LearningKeeley E T (n d) How to conduct a SWOT analysis [Online] Retrieved from httpoieekuedusitesoieekuedufilesfilesSWOT20Analysispdf 10 April 2016
bull Kvint V (2009) The global emerging market Strategic management and economics New York NY Routledge Publishing Li Y Guohu S amp Eppler M J (2008) Making strategy work A literature review on factors influencing strategy implementation ICA Working Papers 22008 Institute for Corporate Communication Lugano SwitzerlandMichael Porter (nd) BrainyQuotecom Retrieved April 7 2016 from BrainyQuotecom Web site httpwwwbrainyquotecomquotesquotesmmichaelpor378202html Mitchell R C (2009) Strategy formulation [Online] Retrieved from httpwwwsaylororgsitewp-contentuploads201304BUS300-23_Strategy-Formulationpdf 10 April 2016Mintzberg H amp Quinn J B (1996) The strategy process Concepts contexts cases Upper Saddle River NJ Prentice HallMintzberg H (1978) Patterns in strategy formation Management Science 24(9) 934-948Nabradi A (nd) Strategic management process strategy formulation [Online] Retrieved from httpwwwagrunizghrmultimediapdfstrategic_mgmt_2pdfParnell J A (2005) Strategic philosophy and management level Management Decision 3(2) 157-170 Retrieved from httpwwwemeraldinsightcom00251747htm Porter M E (1991) Towards a dynamic theory of strategy Strategic Management Journal 12(S2) 95-117 Winter DOI101002smj4250121008 Porter M E (2010) What is strategy In Mazzucato M (ed) Strategy for business A reader London SAGE PublicationsRyan R (2013) Cochrane consumers and communication review group Data synthesis and analysis Cochrane Consumers and Communication Review Group June Retrieved from httpccorgcochraneorg Scouller J (2011) Three levels of leadership How to develop your leadership presence knowhow and skills Cirencester UK Management Books 2000Theocharopoulos M (2012) Strategy formulation using SWOT Retrieved from httpwwwslidesharenetmanostheocharopoulosstrategy-formulation-using-swot-15650383Ulwick A W (1999) Business strategy formulation Theory process and the intellectual revolution London UK Quorum BooksVasile T amp Iancu A (2009) A model of the strategic management processVatchkova E (2012) Contents historical development of strategy Strategic management Retrieved from httpwwwiucedueugroupmba_learning2012STRATMANEV-L1-introductionpdfWilliam E Rothschild W E (nd) httpwwwazquotescompicture-quotes Yarger H R (2006) Strategic theory for the 21st century The little book for big strategy Strategic Studies Institute Retrieved from httpwwwStrategicStudiesInstitutearmymil Yousuf M (2016) The nature of strategic management Chapter I What is strategic management Academia httpswwwacademiaedu6349510THE_NATURE_OF_STRATEGIC_MANAGEMENT_I_WHAT_IS_STRATEGIC_MANAGEMENTZan L (1990) Looking for theories in strategy studies Scandinavian Journal of Management 6(2) 89-108 httpwwwsciencedirectcomsciencearticlepii095652219090018C Zhang X Majid S amp Foo S (2010) Environmental scanning An application of information literacy skills at the work place Journal of Information Science 36(6) 719-732 DOI1011771065551510385644 httpwwwquotelandcomauthorRobert-J-Mckain-Quotes6434httpspcscaliforniaincwordpresscomcategorygeneral-management-workshop httpwwwcivilserviceindiacomsubjectManagementnotesnature-and-scope-of-strategic-managementhtml
A Prologue
bull The keen faculty of strategy extracts and refine tidings by careful survey of situations and assessment before initial or next moves
bull This paper discusses strategy formulation and correlates its elements of data synthesis environmental scanning and SWOT analysis
bull These constituents of strategy formulation pose challenges of solving a jigsaw puzzle for organizational leadership
Some Illustrations
bull ldquoStrategic formulation will help you fully uncover your available options set priorities for them and define the methods to achieve them ndash Robert J McKain (nd)
bull Strategy formulation is an initial or ongoing process of perceiving new position or opportunities which should be embedded in organizations ndash Harvard Business Review Blog Network (nd)
INTRODUCTIONldquoStrategy formulation is not the consequences of
planning but its starting pointrdquo ndash Henry Mintzberg
Background
bull Strategic Formulation employs basic information general situation and close examination of organizations
bull These three courses of action are often expressed in terms of data synthesis environmental scanning and SWOT analysis
bull All together the trio represents the tool-kit items of strategy formulation
Literature Review
bull Literature on strategy related issues has experienced advancement and spread from classical military operations to contemporary organizational studies and practice (Mitchell 2009 Acur amp Englyst 2006 Li Guohu amp Eppler 2008 Bordean et al 2010)
bull Strategy formulation skills and philosophy tend to uplift embolden and expand the capacity and frontier of organizational leadership (Acur amp English 2006 Li Guohu amp Eppler 2008 Bordean et al 2010)
bull Presently the venture of systematic planning and execution are deemed as attributes of middle and higher senior executives of organizations
Literature Milestonesbull Acur amp Englyst (2006) expound on thinking phases and
generic approaches for organizational strategy formulation including assessment and success criteria for organizations
bull Li Guohu amp Eppler (2008) demonstrate and review literature on how to make strategy formulation works for organizations
bull Mitchell (2009) emphasizes on organizational strategy formulation as tool for corporate rather than military operational instrument
bull Bordean (et al 2010) investigates the application of strategy formulation to companies as part of contemporary challenges and opportunities to organizations and leadership
Gap to Fill
This paper works on correlation of data synthesis environmental scanning and SWOT analysis as components of strategy formulation
Theorem
bull Theories of strategy or theories of action associated with strategy formulation flow along conceptual transition overtime (Barney 1986 Zan 1990 Porter 1991 Yarger 2006 Chamberlin 2010)
bull There is a proposal for an integrative framework for theory of strategy in managerial decisions and actions (Barney 1986 Zan 1990)
bull Also there has been a long standing progress in the field with emphasis on dynamic theory of strategy and cross-sectional and longitudinal problems in organizational environment (Porter1991)
A Theoretical Frameworkbull Yarger (2006) provides theories of action to the 21st
century organizational leadership in his work lsquoThe Little Book on Big Strategyrsquo
bull Chamberlain (2010) reviews past trends and treat left-over areas including concepts forces process and mechanisms by with strategy can take effect
bull Theories on strategy formulation are inclined to interactive nature of its components for rational propositions
bull Theoretical framework for this paper presupposes the correlation of strategic formulation components of data synthesis environmental scanning and SWOT analysis
Problem Statement
bull The use of strategy is avail to management process of organizations in the systematic incorporation of scientific observations and methods in formulating plans derived from mission and vision statements
bull Strategy formulation poses prospects as much as challenges to organizational leadership in the strategic management process
bull There is the need for middle and higher executives of organization to be acquainted with the rigours of conducting the strategy formation process
Points of Inquiry
bull To conceptualize strategy formulation and its major components
bull To itemize and correlate data synthesis environmental scanning and SWOT analysis in strategy formulation
bull To establish strategy formulation as starting point of the strategic management process or planning
bull To explain the conduct of strategy formulation as tool for organizational leadership and
bull To draw conclusion and suggest the way forward for success and survival of organizations
CONCEPTUAL FRAMEWORK
Strategy
bull Strategy focuses on possible courses of decisions and action utilizing available resources and determined by environmental influence
bull It is the practice of higher level plans or leadership in achieving set goals of organizations under ever changing situations or environments
bull It also involves patterns in streams of decisions and actions that shape the future into desirable ends by means of available resources (Mintzberg 1978 Mintzberg amp Quinn 1996 Kvint 2009 Freedman 2013)
Strategy Formulation
bull Strategy formulation is the task of analyzing the organizationrsquos internal and external environments and selecting or devising appropriate plans or strategies in setting goals or objectives and ways of achieving them
bull It involves the establishment or adjustment of mission and vision statements environmental analysis or scanning setting goals or objectives and the ways and means for attainment (Nabradi nd Mitchell 2009)
bull It is a living document that changes and grows time or events
Data Synthesis
bull Data is a body of factual information assembled for use in planning decision making or drawing conclusions
bull Synthesis refers to result of combination of different ideas influences or data for the purpose of producing structures or relationships known as formulation
bull Data Synthesis combines outcomes from different assumptions on overall effects of particular intervention to arrive at clear pattern for decision and action (Ellerby 2009 Berg 2013 Ryan 2013)
Environmental Scanning
bull Environment is the surrounding influence settings situation atmosphere background conditions or circumstances which determining the activities or fate of any given venture
bull Scanning refers to detailed or thorough examination of the environment for the purpose of extracting much needed data
bull Environmental Scanning is the systematic process of close monitoring for environmental signals for use in strategic decision making action or formulation of tasks (Zhang Majid amp Foo 2010)
SWOT Analysis
bull SWOT analysis is a veritable instrument or method of strategic planning use in strategy formulation
bull It evaluates strengths or advantages over others weaknesses or disadvantages relative to others opportunities or chances for progress and threats or causes for concern
bull It is the work room of strategy formulation where results of data synthesis and environmental scanning are put together for evaluation
bull It is used to identify and align strategies to available resources and capabilities to realities of the environment
Organizational Leadership
bull Organizational leadership is the management staff that provides inspiration objectives operational oversight and other administrative services to the organization often seen in Mission and Vision Statements (BusinessDictionarycom)
Strategic Management Process
bull The strategic management process (SMP) is an objective logical systematic and continuous approach for making major decisions and taking actions in an organization (Yousuf 2016)
bull It is defined as a dynamic process of strategy formulation implementation evaluation and control (Parnell 2005 David 2008 Vasile amp Iancu 2009 Vatchkova 2010 Hill Jones amp Schilling 2015 Yousuf 2016)
STRATEGIC FORMULATION AND
DATA SYNTHESIS
The Sense in Data
bull Data is most crucial in the process of choosing appropriate courses of action towards defined goals
bull Strategy formulation relies heavily on data for planning decision making and action for overall effects (Ellerby 2009)
bull Strategic control can only be achieved by data synthesis in which information is gathered refined applied and reviewed systematically over time (Ulwick 1999)
Data Synthesis in Strategic Formulation
bull Data Synthesis examines and infers relationships among sources in a clear obvious and definite format for useful in strategic formulation
bull It combines information and ideas to create and develop more ideas better focus wider perspective in an impending strategic formulation cycle
bull Output of data synthesis is useful for core insight critical thinking and testing of ideas in making next moves
bull These turn out good analysis as well as what to do next in strategy formulation towards set objectives
STRATEGIC FORMULATION AND
ENVIRONMENTAL SCANNING
The Keen Eyes of Strategy
bull Strategy requires keen sense balanced mind fast thinking quick response and accurate moves
bull Visual thinking improves mental attention skills associated with environmental scanning (Bohannon 2009)
bull A corresponding example of the keen eyes of strategy is seen in the sharp sense and high aptitude of expert computer gamers
Environmental Scanning in Strategic Formulation
bull As organizational environment increasingly become uncertain and complex environmental scanning enables organizations to detect change and formulate adaptive strategies (Zhang Majid amp Foo 2010)
bull In strategic sense environmental scanning is also about mastering the immediate locality to national regional and global surroundings within which the organization operates
bull It includes scanning strategies internal factors and perceived change leading to purposive strategy formulation
STRATEGIC FORMULATION AND
SWOT ANALYSIS
SWOT Analysis in Strategic Formulation
bull The process of taking stock of activities requires thorough examination of internal status and external context of organizations (Keeley nd)
bull SWOT analysis allows organizations to recognize themselves and their surrounding environments in order to plan implement and monitor their strategies (Hashemi et al 2012)
bull Strategy formulation is concerned with areas of strengths or advantages contributions of external factors or opportunities as well as watching for internal weaknesses and external threats
STRATEGY FORMULATION AS STRATEGIC TOOL OF
ORGANIZATIONAL LEADERSHIP
Strategy Formulation as Leadership Instrument
bull Strategy is ldquothe match an organization makes between its internal resources and skills and the opportunities and risks created by its external environmentrdquo (Grant 2001 p 114)
bull The strategic formulation cycle consisting of data synthesis environmental scanning and SWOT analysis submits to continuous review
bull It is an effective instrument of organizational leadership for effective and efficient attainment of mission and vision
Strategy Formulation and Organizational Performance
bull Consensus on objectives or methods and collaboration amongst management team members positively relates to organizational performance (Dess 2006)
bull Leadership has great influence on organizational performance particular as it relates to strategy formulation and day to day decision making actions
bull All these are tied to the cycle of vision mission and strategy formulation leading to action plan
CONCLUSION
Summary
bull The paper conceptualizes strategy formulation and its major components and discusses and correlates data synthesis environmental scanning and SWOT analysis in strategy formulation
bull It establishes strategy formulation as starting point of the strategic management process or planning and explains the conduct of strategy formulation as tool for organizational leadership
Conclusion
bull The strategy formulation is proposed as a crucial organizational leadership instrument of the strategic management process with illustrations
bull The paper draws conclusions on the foundational value and contribution of strategy formulation in the strategic management process
Recommendations
bull It strongly recommends knowledge and skills on strategy formulation and strategic management process for middle and higher executive who constitute organizational leadership
bull A simulation exercise is designed to practice on the application of strategy formulation in real world situations
SIMULATION EXERCISE
Groups of Course Participants are to prepare Strategy Formulation Schedule for the National Institute for Policy and Strategic Studies from the amended Mission and Vision of previous Exercise
ReferenceAcur N amp Englyst L (2006) Assessment of strategy formulation How to ensure quality in process and outcome International Journal of Operations and Production Management 26(1) 69-91Barney J B (1086) Types of competition and the theory of strategy Toward an integrative framework Academy of Management Review 11(4) 791-800 Retrieved from httpamraomorgcontent114791short Berg T M W Heymanns S S Leone D Vergouw J A Hayden A P Verhagen amp H Vet (2013) Overview of data-synthesis in systematic reviews of studies on outcome prediction BMC Medical Research Methodologies BMC Series Retrieved from httpbmcmmedresmethodolbiomedcentralcomarticles1011861471-2288-13-42 Bohannon J (2009) The keen eyes of a gamer Science March 30 [Online] American Association for Advancement of Science (AAAS) Retrieved from httpsciencemagorg 10 April 2016Bordean O Borza A Rus C amp Mitra C (2010) An investigation on the strategy formulation process within the Roman companies Managerial Challenges of the Contemporary Society Proceedings 26-31BusinessDictionarycom httpwwwbusinessdictionarycomdefinition-organizational-leadershiphtmlChamberlain G P (2010) Understanding strategy Charleston NC Create SpaceCorreia Z amp Wilson T D (1997) Scanning the business environment for information A grounded theory approach Information Research 2(4) April Retrieved from httpwwwinformationrnetir2-4paper21html Costa J (1997) A study of strategic planning and environmental scanning in the multi-unit Portuguese hotel sector A Thesis Submitted in Fulfillment of the Requirements for the Award of PhD Degree May Department of Management studies University of Surrey UKgtDavid F R (2008) Concepts of strategic management (6th Edition) Upper Saddle River NJ Prince-HallDess G G (2006) Consensus on strategy formulation and organizational performance Competitors in a fragmented industry Strategic Management Journal November 8 DOI 101002smj4250080305Ellerby L (2009) Analysis plus synthesis Turning data into insights UX Matters April 27 Retrieved from httpwwwuxmatterscomauthorsarchives200703lindsay_ellerbyphp Freedman L (2013) Strategy Oxford UK Oxford University PressGrant R M (2001) The resource-based theory of competitive advantage Implications for strategy formulation California Management Review Spring 1991___________ (2010) Analyzing the industry environment In Mazzucato M (ed) Strategy for business A reader London SAGE PublicationsHashemi N F Masdeh M M Razeghi A amp Rahimian A (2012) Formulating and choosing strategies using SWOT analysis and QSPM matrix A case study of Hamadan Glass CompanyHarvard Business School Review (HBR) Blog Network httpblogshbrorg Hill C W Jones G R amp Schilling M A (2015) Strategic management theory (11th Edition) London UK Cengage LearningKeeley E T (n d) How to conduct a SWOT analysis [Online] Retrieved from httpoieekuedusitesoieekuedufilesfilesSWOT20Analysispdf 10 April 2016
bull Kvint V (2009) The global emerging market Strategic management and economics New York NY Routledge Publishing Li Y Guohu S amp Eppler M J (2008) Making strategy work A literature review on factors influencing strategy implementation ICA Working Papers 22008 Institute for Corporate Communication Lugano SwitzerlandMichael Porter (nd) BrainyQuotecom Retrieved April 7 2016 from BrainyQuotecom Web site httpwwwbrainyquotecomquotesquotesmmichaelpor378202html Mitchell R C (2009) Strategy formulation [Online] Retrieved from httpwwwsaylororgsitewp-contentuploads201304BUS300-23_Strategy-Formulationpdf 10 April 2016Mintzberg H amp Quinn J B (1996) The strategy process Concepts contexts cases Upper Saddle River NJ Prentice HallMintzberg H (1978) Patterns in strategy formation Management Science 24(9) 934-948Nabradi A (nd) Strategic management process strategy formulation [Online] Retrieved from httpwwwagrunizghrmultimediapdfstrategic_mgmt_2pdfParnell J A (2005) Strategic philosophy and management level Management Decision 3(2) 157-170 Retrieved from httpwwwemeraldinsightcom00251747htm Porter M E (1991) Towards a dynamic theory of strategy Strategic Management Journal 12(S2) 95-117 Winter DOI101002smj4250121008 Porter M E (2010) What is strategy In Mazzucato M (ed) Strategy for business A reader London SAGE PublicationsRyan R (2013) Cochrane consumers and communication review group Data synthesis and analysis Cochrane Consumers and Communication Review Group June Retrieved from httpccorgcochraneorg Scouller J (2011) Three levels of leadership How to develop your leadership presence knowhow and skills Cirencester UK Management Books 2000Theocharopoulos M (2012) Strategy formulation using SWOT Retrieved from httpwwwslidesharenetmanostheocharopoulosstrategy-formulation-using-swot-15650383Ulwick A W (1999) Business strategy formulation Theory process and the intellectual revolution London UK Quorum BooksVasile T amp Iancu A (2009) A model of the strategic management processVatchkova E (2012) Contents historical development of strategy Strategic management Retrieved from httpwwwiucedueugroupmba_learning2012STRATMANEV-L1-introductionpdfWilliam E Rothschild W E (nd) httpwwwazquotescompicture-quotes Yarger H R (2006) Strategic theory for the 21st century The little book for big strategy Strategic Studies Institute Retrieved from httpwwwStrategicStudiesInstitutearmymil Yousuf M (2016) The nature of strategic management Chapter I What is strategic management Academia httpswwwacademiaedu6349510THE_NATURE_OF_STRATEGIC_MANAGEMENT_I_WHAT_IS_STRATEGIC_MANAGEMENTZan L (1990) Looking for theories in strategy studies Scandinavian Journal of Management 6(2) 89-108 httpwwwsciencedirectcomsciencearticlepii095652219090018C Zhang X Majid S amp Foo S (2010) Environmental scanning An application of information literacy skills at the work place Journal of Information Science 36(6) 719-732 DOI1011771065551510385644 httpwwwquotelandcomauthorRobert-J-Mckain-Quotes6434httpspcscaliforniaincwordpresscomcategorygeneral-management-workshop httpwwwcivilserviceindiacomsubjectManagementnotesnature-and-scope-of-strategic-managementhtml
Some Illustrations
bull ldquoStrategic formulation will help you fully uncover your available options set priorities for them and define the methods to achieve them ndash Robert J McKain (nd)
bull Strategy formulation is an initial or ongoing process of perceiving new position or opportunities which should be embedded in organizations ndash Harvard Business Review Blog Network (nd)
INTRODUCTIONldquoStrategy formulation is not the consequences of
planning but its starting pointrdquo ndash Henry Mintzberg
Background
bull Strategic Formulation employs basic information general situation and close examination of organizations
bull These three courses of action are often expressed in terms of data synthesis environmental scanning and SWOT analysis
bull All together the trio represents the tool-kit items of strategy formulation
Literature Review
bull Literature on strategy related issues has experienced advancement and spread from classical military operations to contemporary organizational studies and practice (Mitchell 2009 Acur amp Englyst 2006 Li Guohu amp Eppler 2008 Bordean et al 2010)
bull Strategy formulation skills and philosophy tend to uplift embolden and expand the capacity and frontier of organizational leadership (Acur amp English 2006 Li Guohu amp Eppler 2008 Bordean et al 2010)
bull Presently the venture of systematic planning and execution are deemed as attributes of middle and higher senior executives of organizations
Literature Milestonesbull Acur amp Englyst (2006) expound on thinking phases and
generic approaches for organizational strategy formulation including assessment and success criteria for organizations
bull Li Guohu amp Eppler (2008) demonstrate and review literature on how to make strategy formulation works for organizations
bull Mitchell (2009) emphasizes on organizational strategy formulation as tool for corporate rather than military operational instrument
bull Bordean (et al 2010) investigates the application of strategy formulation to companies as part of contemporary challenges and opportunities to organizations and leadership
Gap to Fill
This paper works on correlation of data synthesis environmental scanning and SWOT analysis as components of strategy formulation
Theorem
bull Theories of strategy or theories of action associated with strategy formulation flow along conceptual transition overtime (Barney 1986 Zan 1990 Porter 1991 Yarger 2006 Chamberlin 2010)
bull There is a proposal for an integrative framework for theory of strategy in managerial decisions and actions (Barney 1986 Zan 1990)
bull Also there has been a long standing progress in the field with emphasis on dynamic theory of strategy and cross-sectional and longitudinal problems in organizational environment (Porter1991)
A Theoretical Frameworkbull Yarger (2006) provides theories of action to the 21st
century organizational leadership in his work lsquoThe Little Book on Big Strategyrsquo
bull Chamberlain (2010) reviews past trends and treat left-over areas including concepts forces process and mechanisms by with strategy can take effect
bull Theories on strategy formulation are inclined to interactive nature of its components for rational propositions
bull Theoretical framework for this paper presupposes the correlation of strategic formulation components of data synthesis environmental scanning and SWOT analysis
Problem Statement
bull The use of strategy is avail to management process of organizations in the systematic incorporation of scientific observations and methods in formulating plans derived from mission and vision statements
bull Strategy formulation poses prospects as much as challenges to organizational leadership in the strategic management process
bull There is the need for middle and higher executives of organization to be acquainted with the rigours of conducting the strategy formation process
Points of Inquiry
bull To conceptualize strategy formulation and its major components
bull To itemize and correlate data synthesis environmental scanning and SWOT analysis in strategy formulation
bull To establish strategy formulation as starting point of the strategic management process or planning
bull To explain the conduct of strategy formulation as tool for organizational leadership and
bull To draw conclusion and suggest the way forward for success and survival of organizations
CONCEPTUAL FRAMEWORK
Strategy
bull Strategy focuses on possible courses of decisions and action utilizing available resources and determined by environmental influence
bull It is the practice of higher level plans or leadership in achieving set goals of organizations under ever changing situations or environments
bull It also involves patterns in streams of decisions and actions that shape the future into desirable ends by means of available resources (Mintzberg 1978 Mintzberg amp Quinn 1996 Kvint 2009 Freedman 2013)
Strategy Formulation
bull Strategy formulation is the task of analyzing the organizationrsquos internal and external environments and selecting or devising appropriate plans or strategies in setting goals or objectives and ways of achieving them
bull It involves the establishment or adjustment of mission and vision statements environmental analysis or scanning setting goals or objectives and the ways and means for attainment (Nabradi nd Mitchell 2009)
bull It is a living document that changes and grows time or events
Data Synthesis
bull Data is a body of factual information assembled for use in planning decision making or drawing conclusions
bull Synthesis refers to result of combination of different ideas influences or data for the purpose of producing structures or relationships known as formulation
bull Data Synthesis combines outcomes from different assumptions on overall effects of particular intervention to arrive at clear pattern for decision and action (Ellerby 2009 Berg 2013 Ryan 2013)
Environmental Scanning
bull Environment is the surrounding influence settings situation atmosphere background conditions or circumstances which determining the activities or fate of any given venture
bull Scanning refers to detailed or thorough examination of the environment for the purpose of extracting much needed data
bull Environmental Scanning is the systematic process of close monitoring for environmental signals for use in strategic decision making action or formulation of tasks (Zhang Majid amp Foo 2010)
SWOT Analysis
bull SWOT analysis is a veritable instrument or method of strategic planning use in strategy formulation
bull It evaluates strengths or advantages over others weaknesses or disadvantages relative to others opportunities or chances for progress and threats or causes for concern
bull It is the work room of strategy formulation where results of data synthesis and environmental scanning are put together for evaluation
bull It is used to identify and align strategies to available resources and capabilities to realities of the environment
Organizational Leadership
bull Organizational leadership is the management staff that provides inspiration objectives operational oversight and other administrative services to the organization often seen in Mission and Vision Statements (BusinessDictionarycom)
Strategic Management Process
bull The strategic management process (SMP) is an objective logical systematic and continuous approach for making major decisions and taking actions in an organization (Yousuf 2016)
bull It is defined as a dynamic process of strategy formulation implementation evaluation and control (Parnell 2005 David 2008 Vasile amp Iancu 2009 Vatchkova 2010 Hill Jones amp Schilling 2015 Yousuf 2016)
STRATEGIC FORMULATION AND
DATA SYNTHESIS
The Sense in Data
bull Data is most crucial in the process of choosing appropriate courses of action towards defined goals
bull Strategy formulation relies heavily on data for planning decision making and action for overall effects (Ellerby 2009)
bull Strategic control can only be achieved by data synthesis in which information is gathered refined applied and reviewed systematically over time (Ulwick 1999)
Data Synthesis in Strategic Formulation
bull Data Synthesis examines and infers relationships among sources in a clear obvious and definite format for useful in strategic formulation
bull It combines information and ideas to create and develop more ideas better focus wider perspective in an impending strategic formulation cycle
bull Output of data synthesis is useful for core insight critical thinking and testing of ideas in making next moves
bull These turn out good analysis as well as what to do next in strategy formulation towards set objectives
STRATEGIC FORMULATION AND
ENVIRONMENTAL SCANNING
The Keen Eyes of Strategy
bull Strategy requires keen sense balanced mind fast thinking quick response and accurate moves
bull Visual thinking improves mental attention skills associated with environmental scanning (Bohannon 2009)
bull A corresponding example of the keen eyes of strategy is seen in the sharp sense and high aptitude of expert computer gamers
Environmental Scanning in Strategic Formulation
bull As organizational environment increasingly become uncertain and complex environmental scanning enables organizations to detect change and formulate adaptive strategies (Zhang Majid amp Foo 2010)
bull In strategic sense environmental scanning is also about mastering the immediate locality to national regional and global surroundings within which the organization operates
bull It includes scanning strategies internal factors and perceived change leading to purposive strategy formulation
STRATEGIC FORMULATION AND
SWOT ANALYSIS
SWOT Analysis in Strategic Formulation
bull The process of taking stock of activities requires thorough examination of internal status and external context of organizations (Keeley nd)
bull SWOT analysis allows organizations to recognize themselves and their surrounding environments in order to plan implement and monitor their strategies (Hashemi et al 2012)
bull Strategy formulation is concerned with areas of strengths or advantages contributions of external factors or opportunities as well as watching for internal weaknesses and external threats
STRATEGY FORMULATION AS STRATEGIC TOOL OF
ORGANIZATIONAL LEADERSHIP
Strategy Formulation as Leadership Instrument
bull Strategy is ldquothe match an organization makes between its internal resources and skills and the opportunities and risks created by its external environmentrdquo (Grant 2001 p 114)
bull The strategic formulation cycle consisting of data synthesis environmental scanning and SWOT analysis submits to continuous review
bull It is an effective instrument of organizational leadership for effective and efficient attainment of mission and vision
Strategy Formulation and Organizational Performance
bull Consensus on objectives or methods and collaboration amongst management team members positively relates to organizational performance (Dess 2006)
bull Leadership has great influence on organizational performance particular as it relates to strategy formulation and day to day decision making actions
bull All these are tied to the cycle of vision mission and strategy formulation leading to action plan
CONCLUSION
Summary
bull The paper conceptualizes strategy formulation and its major components and discusses and correlates data synthesis environmental scanning and SWOT analysis in strategy formulation
bull It establishes strategy formulation as starting point of the strategic management process or planning and explains the conduct of strategy formulation as tool for organizational leadership
Conclusion
bull The strategy formulation is proposed as a crucial organizational leadership instrument of the strategic management process with illustrations
bull The paper draws conclusions on the foundational value and contribution of strategy formulation in the strategic management process
Recommendations
bull It strongly recommends knowledge and skills on strategy formulation and strategic management process for middle and higher executive who constitute organizational leadership
bull A simulation exercise is designed to practice on the application of strategy formulation in real world situations
SIMULATION EXERCISE
Groups of Course Participants are to prepare Strategy Formulation Schedule for the National Institute for Policy and Strategic Studies from the amended Mission and Vision of previous Exercise
ReferenceAcur N amp Englyst L (2006) Assessment of strategy formulation How to ensure quality in process and outcome International Journal of Operations and Production Management 26(1) 69-91Barney J B (1086) Types of competition and the theory of strategy Toward an integrative framework Academy of Management Review 11(4) 791-800 Retrieved from httpamraomorgcontent114791short Berg T M W Heymanns S S Leone D Vergouw J A Hayden A P Verhagen amp H Vet (2013) Overview of data-synthesis in systematic reviews of studies on outcome prediction BMC Medical Research Methodologies BMC Series Retrieved from httpbmcmmedresmethodolbiomedcentralcomarticles1011861471-2288-13-42 Bohannon J (2009) The keen eyes of a gamer Science March 30 [Online] American Association for Advancement of Science (AAAS) Retrieved from httpsciencemagorg 10 April 2016Bordean O Borza A Rus C amp Mitra C (2010) An investigation on the strategy formulation process within the Roman companies Managerial Challenges of the Contemporary Society Proceedings 26-31BusinessDictionarycom httpwwwbusinessdictionarycomdefinition-organizational-leadershiphtmlChamberlain G P (2010) Understanding strategy Charleston NC Create SpaceCorreia Z amp Wilson T D (1997) Scanning the business environment for information A grounded theory approach Information Research 2(4) April Retrieved from httpwwwinformationrnetir2-4paper21html Costa J (1997) A study of strategic planning and environmental scanning in the multi-unit Portuguese hotel sector A Thesis Submitted in Fulfillment of the Requirements for the Award of PhD Degree May Department of Management studies University of Surrey UKgtDavid F R (2008) Concepts of strategic management (6th Edition) Upper Saddle River NJ Prince-HallDess G G (2006) Consensus on strategy formulation and organizational performance Competitors in a fragmented industry Strategic Management Journal November 8 DOI 101002smj4250080305Ellerby L (2009) Analysis plus synthesis Turning data into insights UX Matters April 27 Retrieved from httpwwwuxmatterscomauthorsarchives200703lindsay_ellerbyphp Freedman L (2013) Strategy Oxford UK Oxford University PressGrant R M (2001) The resource-based theory of competitive advantage Implications for strategy formulation California Management Review Spring 1991___________ (2010) Analyzing the industry environment In Mazzucato M (ed) Strategy for business A reader London SAGE PublicationsHashemi N F Masdeh M M Razeghi A amp Rahimian A (2012) Formulating and choosing strategies using SWOT analysis and QSPM matrix A case study of Hamadan Glass CompanyHarvard Business School Review (HBR) Blog Network httpblogshbrorg Hill C W Jones G R amp Schilling M A (2015) Strategic management theory (11th Edition) London UK Cengage LearningKeeley E T (n d) How to conduct a SWOT analysis [Online] Retrieved from httpoieekuedusitesoieekuedufilesfilesSWOT20Analysispdf 10 April 2016
bull Kvint V (2009) The global emerging market Strategic management and economics New York NY Routledge Publishing Li Y Guohu S amp Eppler M J (2008) Making strategy work A literature review on factors influencing strategy implementation ICA Working Papers 22008 Institute for Corporate Communication Lugano SwitzerlandMichael Porter (nd) BrainyQuotecom Retrieved April 7 2016 from BrainyQuotecom Web site httpwwwbrainyquotecomquotesquotesmmichaelpor378202html Mitchell R C (2009) Strategy formulation [Online] Retrieved from httpwwwsaylororgsitewp-contentuploads201304BUS300-23_Strategy-Formulationpdf 10 April 2016Mintzberg H amp Quinn J B (1996) The strategy process Concepts contexts cases Upper Saddle River NJ Prentice HallMintzberg H (1978) Patterns in strategy formation Management Science 24(9) 934-948Nabradi A (nd) Strategic management process strategy formulation [Online] Retrieved from httpwwwagrunizghrmultimediapdfstrategic_mgmt_2pdfParnell J A (2005) Strategic philosophy and management level Management Decision 3(2) 157-170 Retrieved from httpwwwemeraldinsightcom00251747htm Porter M E (1991) Towards a dynamic theory of strategy Strategic Management Journal 12(S2) 95-117 Winter DOI101002smj4250121008 Porter M E (2010) What is strategy In Mazzucato M (ed) Strategy for business A reader London SAGE PublicationsRyan R (2013) Cochrane consumers and communication review group Data synthesis and analysis Cochrane Consumers and Communication Review Group June Retrieved from httpccorgcochraneorg Scouller J (2011) Three levels of leadership How to develop your leadership presence knowhow and skills Cirencester UK Management Books 2000Theocharopoulos M (2012) Strategy formulation using SWOT Retrieved from httpwwwslidesharenetmanostheocharopoulosstrategy-formulation-using-swot-15650383Ulwick A W (1999) Business strategy formulation Theory process and the intellectual revolution London UK Quorum BooksVasile T amp Iancu A (2009) A model of the strategic management processVatchkova E (2012) Contents historical development of strategy Strategic management Retrieved from httpwwwiucedueugroupmba_learning2012STRATMANEV-L1-introductionpdfWilliam E Rothschild W E (nd) httpwwwazquotescompicture-quotes Yarger H R (2006) Strategic theory for the 21st century The little book for big strategy Strategic Studies Institute Retrieved from httpwwwStrategicStudiesInstitutearmymil Yousuf M (2016) The nature of strategic management Chapter I What is strategic management Academia httpswwwacademiaedu6349510THE_NATURE_OF_STRATEGIC_MANAGEMENT_I_WHAT_IS_STRATEGIC_MANAGEMENTZan L (1990) Looking for theories in strategy studies Scandinavian Journal of Management 6(2) 89-108 httpwwwsciencedirectcomsciencearticlepii095652219090018C Zhang X Majid S amp Foo S (2010) Environmental scanning An application of information literacy skills at the work place Journal of Information Science 36(6) 719-732 DOI1011771065551510385644 httpwwwquotelandcomauthorRobert-J-Mckain-Quotes6434httpspcscaliforniaincwordpresscomcategorygeneral-management-workshop httpwwwcivilserviceindiacomsubjectManagementnotesnature-and-scope-of-strategic-managementhtml
INTRODUCTIONldquoStrategy formulation is not the consequences of
planning but its starting pointrdquo ndash Henry Mintzberg
Background
bull Strategic Formulation employs basic information general situation and close examination of organizations
bull These three courses of action are often expressed in terms of data synthesis environmental scanning and SWOT analysis
bull All together the trio represents the tool-kit items of strategy formulation
Literature Review
bull Literature on strategy related issues has experienced advancement and spread from classical military operations to contemporary organizational studies and practice (Mitchell 2009 Acur amp Englyst 2006 Li Guohu amp Eppler 2008 Bordean et al 2010)
bull Strategy formulation skills and philosophy tend to uplift embolden and expand the capacity and frontier of organizational leadership (Acur amp English 2006 Li Guohu amp Eppler 2008 Bordean et al 2010)
bull Presently the venture of systematic planning and execution are deemed as attributes of middle and higher senior executives of organizations
Literature Milestonesbull Acur amp Englyst (2006) expound on thinking phases and
generic approaches for organizational strategy formulation including assessment and success criteria for organizations
bull Li Guohu amp Eppler (2008) demonstrate and review literature on how to make strategy formulation works for organizations
bull Mitchell (2009) emphasizes on organizational strategy formulation as tool for corporate rather than military operational instrument
bull Bordean (et al 2010) investigates the application of strategy formulation to companies as part of contemporary challenges and opportunities to organizations and leadership
Gap to Fill
This paper works on correlation of data synthesis environmental scanning and SWOT analysis as components of strategy formulation
Theorem
bull Theories of strategy or theories of action associated with strategy formulation flow along conceptual transition overtime (Barney 1986 Zan 1990 Porter 1991 Yarger 2006 Chamberlin 2010)
bull There is a proposal for an integrative framework for theory of strategy in managerial decisions and actions (Barney 1986 Zan 1990)
bull Also there has been a long standing progress in the field with emphasis on dynamic theory of strategy and cross-sectional and longitudinal problems in organizational environment (Porter1991)
A Theoretical Frameworkbull Yarger (2006) provides theories of action to the 21st
century organizational leadership in his work lsquoThe Little Book on Big Strategyrsquo
bull Chamberlain (2010) reviews past trends and treat left-over areas including concepts forces process and mechanisms by with strategy can take effect
bull Theories on strategy formulation are inclined to interactive nature of its components for rational propositions
bull Theoretical framework for this paper presupposes the correlation of strategic formulation components of data synthesis environmental scanning and SWOT analysis
Problem Statement
bull The use of strategy is avail to management process of organizations in the systematic incorporation of scientific observations and methods in formulating plans derived from mission and vision statements
bull Strategy formulation poses prospects as much as challenges to organizational leadership in the strategic management process
bull There is the need for middle and higher executives of organization to be acquainted with the rigours of conducting the strategy formation process
Points of Inquiry
bull To conceptualize strategy formulation and its major components
bull To itemize and correlate data synthesis environmental scanning and SWOT analysis in strategy formulation
bull To establish strategy formulation as starting point of the strategic management process or planning
bull To explain the conduct of strategy formulation as tool for organizational leadership and
bull To draw conclusion and suggest the way forward for success and survival of organizations
CONCEPTUAL FRAMEWORK
Strategy
bull Strategy focuses on possible courses of decisions and action utilizing available resources and determined by environmental influence
bull It is the practice of higher level plans or leadership in achieving set goals of organizations under ever changing situations or environments
bull It also involves patterns in streams of decisions and actions that shape the future into desirable ends by means of available resources (Mintzberg 1978 Mintzberg amp Quinn 1996 Kvint 2009 Freedman 2013)
Strategy Formulation
bull Strategy formulation is the task of analyzing the organizationrsquos internal and external environments and selecting or devising appropriate plans or strategies in setting goals or objectives and ways of achieving them
bull It involves the establishment or adjustment of mission and vision statements environmental analysis or scanning setting goals or objectives and the ways and means for attainment (Nabradi nd Mitchell 2009)
bull It is a living document that changes and grows time or events
Data Synthesis
bull Data is a body of factual information assembled for use in planning decision making or drawing conclusions
bull Synthesis refers to result of combination of different ideas influences or data for the purpose of producing structures or relationships known as formulation
bull Data Synthesis combines outcomes from different assumptions on overall effects of particular intervention to arrive at clear pattern for decision and action (Ellerby 2009 Berg 2013 Ryan 2013)
Environmental Scanning
bull Environment is the surrounding influence settings situation atmosphere background conditions or circumstances which determining the activities or fate of any given venture
bull Scanning refers to detailed or thorough examination of the environment for the purpose of extracting much needed data
bull Environmental Scanning is the systematic process of close monitoring for environmental signals for use in strategic decision making action or formulation of tasks (Zhang Majid amp Foo 2010)
SWOT Analysis
bull SWOT analysis is a veritable instrument or method of strategic planning use in strategy formulation
bull It evaluates strengths or advantages over others weaknesses or disadvantages relative to others opportunities or chances for progress and threats or causes for concern
bull It is the work room of strategy formulation where results of data synthesis and environmental scanning are put together for evaluation
bull It is used to identify and align strategies to available resources and capabilities to realities of the environment
Organizational Leadership
bull Organizational leadership is the management staff that provides inspiration objectives operational oversight and other administrative services to the organization often seen in Mission and Vision Statements (BusinessDictionarycom)
Strategic Management Process
bull The strategic management process (SMP) is an objective logical systematic and continuous approach for making major decisions and taking actions in an organization (Yousuf 2016)
bull It is defined as a dynamic process of strategy formulation implementation evaluation and control (Parnell 2005 David 2008 Vasile amp Iancu 2009 Vatchkova 2010 Hill Jones amp Schilling 2015 Yousuf 2016)
STRATEGIC FORMULATION AND
DATA SYNTHESIS
The Sense in Data
bull Data is most crucial in the process of choosing appropriate courses of action towards defined goals
bull Strategy formulation relies heavily on data for planning decision making and action for overall effects (Ellerby 2009)
bull Strategic control can only be achieved by data synthesis in which information is gathered refined applied and reviewed systematically over time (Ulwick 1999)
Data Synthesis in Strategic Formulation
bull Data Synthesis examines and infers relationships among sources in a clear obvious and definite format for useful in strategic formulation
bull It combines information and ideas to create and develop more ideas better focus wider perspective in an impending strategic formulation cycle
bull Output of data synthesis is useful for core insight critical thinking and testing of ideas in making next moves
bull These turn out good analysis as well as what to do next in strategy formulation towards set objectives
STRATEGIC FORMULATION AND
ENVIRONMENTAL SCANNING
The Keen Eyes of Strategy
bull Strategy requires keen sense balanced mind fast thinking quick response and accurate moves
bull Visual thinking improves mental attention skills associated with environmental scanning (Bohannon 2009)
bull A corresponding example of the keen eyes of strategy is seen in the sharp sense and high aptitude of expert computer gamers
Environmental Scanning in Strategic Formulation
bull As organizational environment increasingly become uncertain and complex environmental scanning enables organizations to detect change and formulate adaptive strategies (Zhang Majid amp Foo 2010)
bull In strategic sense environmental scanning is also about mastering the immediate locality to national regional and global surroundings within which the organization operates
bull It includes scanning strategies internal factors and perceived change leading to purposive strategy formulation
STRATEGIC FORMULATION AND
SWOT ANALYSIS
SWOT Analysis in Strategic Formulation
bull The process of taking stock of activities requires thorough examination of internal status and external context of organizations (Keeley nd)
bull SWOT analysis allows organizations to recognize themselves and their surrounding environments in order to plan implement and monitor their strategies (Hashemi et al 2012)
bull Strategy formulation is concerned with areas of strengths or advantages contributions of external factors or opportunities as well as watching for internal weaknesses and external threats
STRATEGY FORMULATION AS STRATEGIC TOOL OF
ORGANIZATIONAL LEADERSHIP
Strategy Formulation as Leadership Instrument
bull Strategy is ldquothe match an organization makes between its internal resources and skills and the opportunities and risks created by its external environmentrdquo (Grant 2001 p 114)
bull The strategic formulation cycle consisting of data synthesis environmental scanning and SWOT analysis submits to continuous review
bull It is an effective instrument of organizational leadership for effective and efficient attainment of mission and vision
Strategy Formulation and Organizational Performance
bull Consensus on objectives or methods and collaboration amongst management team members positively relates to organizational performance (Dess 2006)
bull Leadership has great influence on organizational performance particular as it relates to strategy formulation and day to day decision making actions
bull All these are tied to the cycle of vision mission and strategy formulation leading to action plan
CONCLUSION
Summary
bull The paper conceptualizes strategy formulation and its major components and discusses and correlates data synthesis environmental scanning and SWOT analysis in strategy formulation
bull It establishes strategy formulation as starting point of the strategic management process or planning and explains the conduct of strategy formulation as tool for organizational leadership
Conclusion
bull The strategy formulation is proposed as a crucial organizational leadership instrument of the strategic management process with illustrations
bull The paper draws conclusions on the foundational value and contribution of strategy formulation in the strategic management process
Recommendations
bull It strongly recommends knowledge and skills on strategy formulation and strategic management process for middle and higher executive who constitute organizational leadership
bull A simulation exercise is designed to practice on the application of strategy formulation in real world situations
SIMULATION EXERCISE
Groups of Course Participants are to prepare Strategy Formulation Schedule for the National Institute for Policy and Strategic Studies from the amended Mission and Vision of previous Exercise
ReferenceAcur N amp Englyst L (2006) Assessment of strategy formulation How to ensure quality in process and outcome International Journal of Operations and Production Management 26(1) 69-91Barney J B (1086) Types of competition and the theory of strategy Toward an integrative framework Academy of Management Review 11(4) 791-800 Retrieved from httpamraomorgcontent114791short Berg T M W Heymanns S S Leone D Vergouw J A Hayden A P Verhagen amp H Vet (2013) Overview of data-synthesis in systematic reviews of studies on outcome prediction BMC Medical Research Methodologies BMC Series Retrieved from httpbmcmmedresmethodolbiomedcentralcomarticles1011861471-2288-13-42 Bohannon J (2009) The keen eyes of a gamer Science March 30 [Online] American Association for Advancement of Science (AAAS) Retrieved from httpsciencemagorg 10 April 2016Bordean O Borza A Rus C amp Mitra C (2010) An investigation on the strategy formulation process within the Roman companies Managerial Challenges of the Contemporary Society Proceedings 26-31BusinessDictionarycom httpwwwbusinessdictionarycomdefinition-organizational-leadershiphtmlChamberlain G P (2010) Understanding strategy Charleston NC Create SpaceCorreia Z amp Wilson T D (1997) Scanning the business environment for information A grounded theory approach Information Research 2(4) April Retrieved from httpwwwinformationrnetir2-4paper21html Costa J (1997) A study of strategic planning and environmental scanning in the multi-unit Portuguese hotel sector A Thesis Submitted in Fulfillment of the Requirements for the Award of PhD Degree May Department of Management studies University of Surrey UKgtDavid F R (2008) Concepts of strategic management (6th Edition) Upper Saddle River NJ Prince-HallDess G G (2006) Consensus on strategy formulation and organizational performance Competitors in a fragmented industry Strategic Management Journal November 8 DOI 101002smj4250080305Ellerby L (2009) Analysis plus synthesis Turning data into insights UX Matters April 27 Retrieved from httpwwwuxmatterscomauthorsarchives200703lindsay_ellerbyphp Freedman L (2013) Strategy Oxford UK Oxford University PressGrant R M (2001) The resource-based theory of competitive advantage Implications for strategy formulation California Management Review Spring 1991___________ (2010) Analyzing the industry environment In Mazzucato M (ed) Strategy for business A reader London SAGE PublicationsHashemi N F Masdeh M M Razeghi A amp Rahimian A (2012) Formulating and choosing strategies using SWOT analysis and QSPM matrix A case study of Hamadan Glass CompanyHarvard Business School Review (HBR) Blog Network httpblogshbrorg Hill C W Jones G R amp Schilling M A (2015) Strategic management theory (11th Edition) London UK Cengage LearningKeeley E T (n d) How to conduct a SWOT analysis [Online] Retrieved from httpoieekuedusitesoieekuedufilesfilesSWOT20Analysispdf 10 April 2016
bull Kvint V (2009) The global emerging market Strategic management and economics New York NY Routledge Publishing Li Y Guohu S amp Eppler M J (2008) Making strategy work A literature review on factors influencing strategy implementation ICA Working Papers 22008 Institute for Corporate Communication Lugano SwitzerlandMichael Porter (nd) BrainyQuotecom Retrieved April 7 2016 from BrainyQuotecom Web site httpwwwbrainyquotecomquotesquotesmmichaelpor378202html Mitchell R C (2009) Strategy formulation [Online] Retrieved from httpwwwsaylororgsitewp-contentuploads201304BUS300-23_Strategy-Formulationpdf 10 April 2016Mintzberg H amp Quinn J B (1996) The strategy process Concepts contexts cases Upper Saddle River NJ Prentice HallMintzberg H (1978) Patterns in strategy formation Management Science 24(9) 934-948Nabradi A (nd) Strategic management process strategy formulation [Online] Retrieved from httpwwwagrunizghrmultimediapdfstrategic_mgmt_2pdfParnell J A (2005) Strategic philosophy and management level Management Decision 3(2) 157-170 Retrieved from httpwwwemeraldinsightcom00251747htm Porter M E (1991) Towards a dynamic theory of strategy Strategic Management Journal 12(S2) 95-117 Winter DOI101002smj4250121008 Porter M E (2010) What is strategy In Mazzucato M (ed) Strategy for business A reader London SAGE PublicationsRyan R (2013) Cochrane consumers and communication review group Data synthesis and analysis Cochrane Consumers and Communication Review Group June Retrieved from httpccorgcochraneorg Scouller J (2011) Three levels of leadership How to develop your leadership presence knowhow and skills Cirencester UK Management Books 2000Theocharopoulos M (2012) Strategy formulation using SWOT Retrieved from httpwwwslidesharenetmanostheocharopoulosstrategy-formulation-using-swot-15650383Ulwick A W (1999) Business strategy formulation Theory process and the intellectual revolution London UK Quorum BooksVasile T amp Iancu A (2009) A model of the strategic management processVatchkova E (2012) Contents historical development of strategy Strategic management Retrieved from httpwwwiucedueugroupmba_learning2012STRATMANEV-L1-introductionpdfWilliam E Rothschild W E (nd) httpwwwazquotescompicture-quotes Yarger H R (2006) Strategic theory for the 21st century The little book for big strategy Strategic Studies Institute Retrieved from httpwwwStrategicStudiesInstitutearmymil Yousuf M (2016) The nature of strategic management Chapter I What is strategic management Academia httpswwwacademiaedu6349510THE_NATURE_OF_STRATEGIC_MANAGEMENT_I_WHAT_IS_STRATEGIC_MANAGEMENTZan L (1990) Looking for theories in strategy studies Scandinavian Journal of Management 6(2) 89-108 httpwwwsciencedirectcomsciencearticlepii095652219090018C Zhang X Majid S amp Foo S (2010) Environmental scanning An application of information literacy skills at the work place Journal of Information Science 36(6) 719-732 DOI1011771065551510385644 httpwwwquotelandcomauthorRobert-J-Mckain-Quotes6434httpspcscaliforniaincwordpresscomcategorygeneral-management-workshop httpwwwcivilserviceindiacomsubjectManagementnotesnature-and-scope-of-strategic-managementhtml
Background
bull Strategic Formulation employs basic information general situation and close examination of organizations
bull These three courses of action are often expressed in terms of data synthesis environmental scanning and SWOT analysis
bull All together the trio represents the tool-kit items of strategy formulation
Literature Review
bull Literature on strategy related issues has experienced advancement and spread from classical military operations to contemporary organizational studies and practice (Mitchell 2009 Acur amp Englyst 2006 Li Guohu amp Eppler 2008 Bordean et al 2010)
bull Strategy formulation skills and philosophy tend to uplift embolden and expand the capacity and frontier of organizational leadership (Acur amp English 2006 Li Guohu amp Eppler 2008 Bordean et al 2010)
bull Presently the venture of systematic planning and execution are deemed as attributes of middle and higher senior executives of organizations
Literature Milestonesbull Acur amp Englyst (2006) expound on thinking phases and
generic approaches for organizational strategy formulation including assessment and success criteria for organizations
bull Li Guohu amp Eppler (2008) demonstrate and review literature on how to make strategy formulation works for organizations
bull Mitchell (2009) emphasizes on organizational strategy formulation as tool for corporate rather than military operational instrument
bull Bordean (et al 2010) investigates the application of strategy formulation to companies as part of contemporary challenges and opportunities to organizations and leadership
Gap to Fill
This paper works on correlation of data synthesis environmental scanning and SWOT analysis as components of strategy formulation
Theorem
bull Theories of strategy or theories of action associated with strategy formulation flow along conceptual transition overtime (Barney 1986 Zan 1990 Porter 1991 Yarger 2006 Chamberlin 2010)
bull There is a proposal for an integrative framework for theory of strategy in managerial decisions and actions (Barney 1986 Zan 1990)
bull Also there has been a long standing progress in the field with emphasis on dynamic theory of strategy and cross-sectional and longitudinal problems in organizational environment (Porter1991)
A Theoretical Frameworkbull Yarger (2006) provides theories of action to the 21st
century organizational leadership in his work lsquoThe Little Book on Big Strategyrsquo
bull Chamberlain (2010) reviews past trends and treat left-over areas including concepts forces process and mechanisms by with strategy can take effect
bull Theories on strategy formulation are inclined to interactive nature of its components for rational propositions
bull Theoretical framework for this paper presupposes the correlation of strategic formulation components of data synthesis environmental scanning and SWOT analysis
Problem Statement
bull The use of strategy is avail to management process of organizations in the systematic incorporation of scientific observations and methods in formulating plans derived from mission and vision statements
bull Strategy formulation poses prospects as much as challenges to organizational leadership in the strategic management process
bull There is the need for middle and higher executives of organization to be acquainted with the rigours of conducting the strategy formation process
Points of Inquiry
bull To conceptualize strategy formulation and its major components
bull To itemize and correlate data synthesis environmental scanning and SWOT analysis in strategy formulation
bull To establish strategy formulation as starting point of the strategic management process or planning
bull To explain the conduct of strategy formulation as tool for organizational leadership and
bull To draw conclusion and suggest the way forward for success and survival of organizations
CONCEPTUAL FRAMEWORK
Strategy
bull Strategy focuses on possible courses of decisions and action utilizing available resources and determined by environmental influence
bull It is the practice of higher level plans or leadership in achieving set goals of organizations under ever changing situations or environments
bull It also involves patterns in streams of decisions and actions that shape the future into desirable ends by means of available resources (Mintzberg 1978 Mintzberg amp Quinn 1996 Kvint 2009 Freedman 2013)
Strategy Formulation
bull Strategy formulation is the task of analyzing the organizationrsquos internal and external environments and selecting or devising appropriate plans or strategies in setting goals or objectives and ways of achieving them
bull It involves the establishment or adjustment of mission and vision statements environmental analysis or scanning setting goals or objectives and the ways and means for attainment (Nabradi nd Mitchell 2009)
bull It is a living document that changes and grows time or events
Data Synthesis
bull Data is a body of factual information assembled for use in planning decision making or drawing conclusions
bull Synthesis refers to result of combination of different ideas influences or data for the purpose of producing structures or relationships known as formulation
bull Data Synthesis combines outcomes from different assumptions on overall effects of particular intervention to arrive at clear pattern for decision and action (Ellerby 2009 Berg 2013 Ryan 2013)
Environmental Scanning
bull Environment is the surrounding influence settings situation atmosphere background conditions or circumstances which determining the activities or fate of any given venture
bull Scanning refers to detailed or thorough examination of the environment for the purpose of extracting much needed data
bull Environmental Scanning is the systematic process of close monitoring for environmental signals for use in strategic decision making action or formulation of tasks (Zhang Majid amp Foo 2010)
SWOT Analysis
bull SWOT analysis is a veritable instrument or method of strategic planning use in strategy formulation
bull It evaluates strengths or advantages over others weaknesses or disadvantages relative to others opportunities or chances for progress and threats or causes for concern
bull It is the work room of strategy formulation where results of data synthesis and environmental scanning are put together for evaluation
bull It is used to identify and align strategies to available resources and capabilities to realities of the environment
Organizational Leadership
bull Organizational leadership is the management staff that provides inspiration objectives operational oversight and other administrative services to the organization often seen in Mission and Vision Statements (BusinessDictionarycom)
Strategic Management Process
bull The strategic management process (SMP) is an objective logical systematic and continuous approach for making major decisions and taking actions in an organization (Yousuf 2016)
bull It is defined as a dynamic process of strategy formulation implementation evaluation and control (Parnell 2005 David 2008 Vasile amp Iancu 2009 Vatchkova 2010 Hill Jones amp Schilling 2015 Yousuf 2016)
STRATEGIC FORMULATION AND
DATA SYNTHESIS
The Sense in Data
bull Data is most crucial in the process of choosing appropriate courses of action towards defined goals
bull Strategy formulation relies heavily on data for planning decision making and action for overall effects (Ellerby 2009)
bull Strategic control can only be achieved by data synthesis in which information is gathered refined applied and reviewed systematically over time (Ulwick 1999)
Data Synthesis in Strategic Formulation
bull Data Synthesis examines and infers relationships among sources in a clear obvious and definite format for useful in strategic formulation
bull It combines information and ideas to create and develop more ideas better focus wider perspective in an impending strategic formulation cycle
bull Output of data synthesis is useful for core insight critical thinking and testing of ideas in making next moves
bull These turn out good analysis as well as what to do next in strategy formulation towards set objectives
STRATEGIC FORMULATION AND
ENVIRONMENTAL SCANNING
The Keen Eyes of Strategy
bull Strategy requires keen sense balanced mind fast thinking quick response and accurate moves
bull Visual thinking improves mental attention skills associated with environmental scanning (Bohannon 2009)
bull A corresponding example of the keen eyes of strategy is seen in the sharp sense and high aptitude of expert computer gamers
Environmental Scanning in Strategic Formulation
bull As organizational environment increasingly become uncertain and complex environmental scanning enables organizations to detect change and formulate adaptive strategies (Zhang Majid amp Foo 2010)
bull In strategic sense environmental scanning is also about mastering the immediate locality to national regional and global surroundings within which the organization operates
bull It includes scanning strategies internal factors and perceived change leading to purposive strategy formulation
STRATEGIC FORMULATION AND
SWOT ANALYSIS
SWOT Analysis in Strategic Formulation
bull The process of taking stock of activities requires thorough examination of internal status and external context of organizations (Keeley nd)
bull SWOT analysis allows organizations to recognize themselves and their surrounding environments in order to plan implement and monitor their strategies (Hashemi et al 2012)
bull Strategy formulation is concerned with areas of strengths or advantages contributions of external factors or opportunities as well as watching for internal weaknesses and external threats
STRATEGY FORMULATION AS STRATEGIC TOOL OF
ORGANIZATIONAL LEADERSHIP
Strategy Formulation as Leadership Instrument
bull Strategy is ldquothe match an organization makes between its internal resources and skills and the opportunities and risks created by its external environmentrdquo (Grant 2001 p 114)
bull The strategic formulation cycle consisting of data synthesis environmental scanning and SWOT analysis submits to continuous review
bull It is an effective instrument of organizational leadership for effective and efficient attainment of mission and vision
Strategy Formulation and Organizational Performance
bull Consensus on objectives or methods and collaboration amongst management team members positively relates to organizational performance (Dess 2006)
bull Leadership has great influence on organizational performance particular as it relates to strategy formulation and day to day decision making actions
bull All these are tied to the cycle of vision mission and strategy formulation leading to action plan
CONCLUSION
Summary
bull The paper conceptualizes strategy formulation and its major components and discusses and correlates data synthesis environmental scanning and SWOT analysis in strategy formulation
bull It establishes strategy formulation as starting point of the strategic management process or planning and explains the conduct of strategy formulation as tool for organizational leadership
Conclusion
bull The strategy formulation is proposed as a crucial organizational leadership instrument of the strategic management process with illustrations
bull The paper draws conclusions on the foundational value and contribution of strategy formulation in the strategic management process
Recommendations
bull It strongly recommends knowledge and skills on strategy formulation and strategic management process for middle and higher executive who constitute organizational leadership
bull A simulation exercise is designed to practice on the application of strategy formulation in real world situations
SIMULATION EXERCISE
Groups of Course Participants are to prepare Strategy Formulation Schedule for the National Institute for Policy and Strategic Studies from the amended Mission and Vision of previous Exercise
ReferenceAcur N amp Englyst L (2006) Assessment of strategy formulation How to ensure quality in process and outcome International Journal of Operations and Production Management 26(1) 69-91Barney J B (1086) Types of competition and the theory of strategy Toward an integrative framework Academy of Management Review 11(4) 791-800 Retrieved from httpamraomorgcontent114791short Berg T M W Heymanns S S Leone D Vergouw J A Hayden A P Verhagen amp H Vet (2013) Overview of data-synthesis in systematic reviews of studies on outcome prediction BMC Medical Research Methodologies BMC Series Retrieved from httpbmcmmedresmethodolbiomedcentralcomarticles1011861471-2288-13-42 Bohannon J (2009) The keen eyes of a gamer Science March 30 [Online] American Association for Advancement of Science (AAAS) Retrieved from httpsciencemagorg 10 April 2016Bordean O Borza A Rus C amp Mitra C (2010) An investigation on the strategy formulation process within the Roman companies Managerial Challenges of the Contemporary Society Proceedings 26-31BusinessDictionarycom httpwwwbusinessdictionarycomdefinition-organizational-leadershiphtmlChamberlain G P (2010) Understanding strategy Charleston NC Create SpaceCorreia Z amp Wilson T D (1997) Scanning the business environment for information A grounded theory approach Information Research 2(4) April Retrieved from httpwwwinformationrnetir2-4paper21html Costa J (1997) A study of strategic planning and environmental scanning in the multi-unit Portuguese hotel sector A Thesis Submitted in Fulfillment of the Requirements for the Award of PhD Degree May Department of Management studies University of Surrey UKgtDavid F R (2008) Concepts of strategic management (6th Edition) Upper Saddle River NJ Prince-HallDess G G (2006) Consensus on strategy formulation and organizational performance Competitors in a fragmented industry Strategic Management Journal November 8 DOI 101002smj4250080305Ellerby L (2009) Analysis plus synthesis Turning data into insights UX Matters April 27 Retrieved from httpwwwuxmatterscomauthorsarchives200703lindsay_ellerbyphp Freedman L (2013) Strategy Oxford UK Oxford University PressGrant R M (2001) The resource-based theory of competitive advantage Implications for strategy formulation California Management Review Spring 1991___________ (2010) Analyzing the industry environment In Mazzucato M (ed) Strategy for business A reader London SAGE PublicationsHashemi N F Masdeh M M Razeghi A amp Rahimian A (2012) Formulating and choosing strategies using SWOT analysis and QSPM matrix A case study of Hamadan Glass CompanyHarvard Business School Review (HBR) Blog Network httpblogshbrorg Hill C W Jones G R amp Schilling M A (2015) Strategic management theory (11th Edition) London UK Cengage LearningKeeley E T (n d) How to conduct a SWOT analysis [Online] Retrieved from httpoieekuedusitesoieekuedufilesfilesSWOT20Analysispdf 10 April 2016
bull Kvint V (2009) The global emerging market Strategic management and economics New York NY Routledge Publishing Li Y Guohu S amp Eppler M J (2008) Making strategy work A literature review on factors influencing strategy implementation ICA Working Papers 22008 Institute for Corporate Communication Lugano SwitzerlandMichael Porter (nd) BrainyQuotecom Retrieved April 7 2016 from BrainyQuotecom Web site httpwwwbrainyquotecomquotesquotesmmichaelpor378202html Mitchell R C (2009) Strategy formulation [Online] Retrieved from httpwwwsaylororgsitewp-contentuploads201304BUS300-23_Strategy-Formulationpdf 10 April 2016Mintzberg H amp Quinn J B (1996) The strategy process Concepts contexts cases Upper Saddle River NJ Prentice HallMintzberg H (1978) Patterns in strategy formation Management Science 24(9) 934-948Nabradi A (nd) Strategic management process strategy formulation [Online] Retrieved from httpwwwagrunizghrmultimediapdfstrategic_mgmt_2pdfParnell J A (2005) Strategic philosophy and management level Management Decision 3(2) 157-170 Retrieved from httpwwwemeraldinsightcom00251747htm Porter M E (1991) Towards a dynamic theory of strategy Strategic Management Journal 12(S2) 95-117 Winter DOI101002smj4250121008 Porter M E (2010) What is strategy In Mazzucato M (ed) Strategy for business A reader London SAGE PublicationsRyan R (2013) Cochrane consumers and communication review group Data synthesis and analysis Cochrane Consumers and Communication Review Group June Retrieved from httpccorgcochraneorg Scouller J (2011) Three levels of leadership How to develop your leadership presence knowhow and skills Cirencester UK Management Books 2000Theocharopoulos M (2012) Strategy formulation using SWOT Retrieved from httpwwwslidesharenetmanostheocharopoulosstrategy-formulation-using-swot-15650383Ulwick A W (1999) Business strategy formulation Theory process and the intellectual revolution London UK Quorum BooksVasile T amp Iancu A (2009) A model of the strategic management processVatchkova E (2012) Contents historical development of strategy Strategic management Retrieved from httpwwwiucedueugroupmba_learning2012STRATMANEV-L1-introductionpdfWilliam E Rothschild W E (nd) httpwwwazquotescompicture-quotes Yarger H R (2006) Strategic theory for the 21st century The little book for big strategy Strategic Studies Institute Retrieved from httpwwwStrategicStudiesInstitutearmymil Yousuf M (2016) The nature of strategic management Chapter I What is strategic management Academia httpswwwacademiaedu6349510THE_NATURE_OF_STRATEGIC_MANAGEMENT_I_WHAT_IS_STRATEGIC_MANAGEMENTZan L (1990) Looking for theories in strategy studies Scandinavian Journal of Management 6(2) 89-108 httpwwwsciencedirectcomsciencearticlepii095652219090018C Zhang X Majid S amp Foo S (2010) Environmental scanning An application of information literacy skills at the work place Journal of Information Science 36(6) 719-732 DOI1011771065551510385644 httpwwwquotelandcomauthorRobert-J-Mckain-Quotes6434httpspcscaliforniaincwordpresscomcategorygeneral-management-workshop httpwwwcivilserviceindiacomsubjectManagementnotesnature-and-scope-of-strategic-managementhtml
Literature Review
bull Literature on strategy related issues has experienced advancement and spread from classical military operations to contemporary organizational studies and practice (Mitchell 2009 Acur amp Englyst 2006 Li Guohu amp Eppler 2008 Bordean et al 2010)
bull Strategy formulation skills and philosophy tend to uplift embolden and expand the capacity and frontier of organizational leadership (Acur amp English 2006 Li Guohu amp Eppler 2008 Bordean et al 2010)
bull Presently the venture of systematic planning and execution are deemed as attributes of middle and higher senior executives of organizations
Literature Milestonesbull Acur amp Englyst (2006) expound on thinking phases and
generic approaches for organizational strategy formulation including assessment and success criteria for organizations
bull Li Guohu amp Eppler (2008) demonstrate and review literature on how to make strategy formulation works for organizations
bull Mitchell (2009) emphasizes on organizational strategy formulation as tool for corporate rather than military operational instrument
bull Bordean (et al 2010) investigates the application of strategy formulation to companies as part of contemporary challenges and opportunities to organizations and leadership
Gap to Fill
This paper works on correlation of data synthesis environmental scanning and SWOT analysis as components of strategy formulation
Theorem
bull Theories of strategy or theories of action associated with strategy formulation flow along conceptual transition overtime (Barney 1986 Zan 1990 Porter 1991 Yarger 2006 Chamberlin 2010)
bull There is a proposal for an integrative framework for theory of strategy in managerial decisions and actions (Barney 1986 Zan 1990)
bull Also there has been a long standing progress in the field with emphasis on dynamic theory of strategy and cross-sectional and longitudinal problems in organizational environment (Porter1991)
A Theoretical Frameworkbull Yarger (2006) provides theories of action to the 21st
century organizational leadership in his work lsquoThe Little Book on Big Strategyrsquo
bull Chamberlain (2010) reviews past trends and treat left-over areas including concepts forces process and mechanisms by with strategy can take effect
bull Theories on strategy formulation are inclined to interactive nature of its components for rational propositions
bull Theoretical framework for this paper presupposes the correlation of strategic formulation components of data synthesis environmental scanning and SWOT analysis
Problem Statement
bull The use of strategy is avail to management process of organizations in the systematic incorporation of scientific observations and methods in formulating plans derived from mission and vision statements
bull Strategy formulation poses prospects as much as challenges to organizational leadership in the strategic management process
bull There is the need for middle and higher executives of organization to be acquainted with the rigours of conducting the strategy formation process
Points of Inquiry
bull To conceptualize strategy formulation and its major components
bull To itemize and correlate data synthesis environmental scanning and SWOT analysis in strategy formulation
bull To establish strategy formulation as starting point of the strategic management process or planning
bull To explain the conduct of strategy formulation as tool for organizational leadership and
bull To draw conclusion and suggest the way forward for success and survival of organizations
CONCEPTUAL FRAMEWORK
Strategy
bull Strategy focuses on possible courses of decisions and action utilizing available resources and determined by environmental influence
bull It is the practice of higher level plans or leadership in achieving set goals of organizations under ever changing situations or environments
bull It also involves patterns in streams of decisions and actions that shape the future into desirable ends by means of available resources (Mintzberg 1978 Mintzberg amp Quinn 1996 Kvint 2009 Freedman 2013)
Strategy Formulation
bull Strategy formulation is the task of analyzing the organizationrsquos internal and external environments and selecting or devising appropriate plans or strategies in setting goals or objectives and ways of achieving them
bull It involves the establishment or adjustment of mission and vision statements environmental analysis or scanning setting goals or objectives and the ways and means for attainment (Nabradi nd Mitchell 2009)
bull It is a living document that changes and grows time or events
Data Synthesis
bull Data is a body of factual information assembled for use in planning decision making or drawing conclusions
bull Synthesis refers to result of combination of different ideas influences or data for the purpose of producing structures or relationships known as formulation
bull Data Synthesis combines outcomes from different assumptions on overall effects of particular intervention to arrive at clear pattern for decision and action (Ellerby 2009 Berg 2013 Ryan 2013)
Environmental Scanning
bull Environment is the surrounding influence settings situation atmosphere background conditions or circumstances which determining the activities or fate of any given venture
bull Scanning refers to detailed or thorough examination of the environment for the purpose of extracting much needed data
bull Environmental Scanning is the systematic process of close monitoring for environmental signals for use in strategic decision making action or formulation of tasks (Zhang Majid amp Foo 2010)
SWOT Analysis
bull SWOT analysis is a veritable instrument or method of strategic planning use in strategy formulation
bull It evaluates strengths or advantages over others weaknesses or disadvantages relative to others opportunities or chances for progress and threats or causes for concern
bull It is the work room of strategy formulation where results of data synthesis and environmental scanning are put together for evaluation
bull It is used to identify and align strategies to available resources and capabilities to realities of the environment
Organizational Leadership
bull Organizational leadership is the management staff that provides inspiration objectives operational oversight and other administrative services to the organization often seen in Mission and Vision Statements (BusinessDictionarycom)
Strategic Management Process
bull The strategic management process (SMP) is an objective logical systematic and continuous approach for making major decisions and taking actions in an organization (Yousuf 2016)
bull It is defined as a dynamic process of strategy formulation implementation evaluation and control (Parnell 2005 David 2008 Vasile amp Iancu 2009 Vatchkova 2010 Hill Jones amp Schilling 2015 Yousuf 2016)
STRATEGIC FORMULATION AND
DATA SYNTHESIS
The Sense in Data
bull Data is most crucial in the process of choosing appropriate courses of action towards defined goals
bull Strategy formulation relies heavily on data for planning decision making and action for overall effects (Ellerby 2009)
bull Strategic control can only be achieved by data synthesis in which information is gathered refined applied and reviewed systematically over time (Ulwick 1999)
Data Synthesis in Strategic Formulation
bull Data Synthesis examines and infers relationships among sources in a clear obvious and definite format for useful in strategic formulation
bull It combines information and ideas to create and develop more ideas better focus wider perspective in an impending strategic formulation cycle
bull Output of data synthesis is useful for core insight critical thinking and testing of ideas in making next moves
bull These turn out good analysis as well as what to do next in strategy formulation towards set objectives
STRATEGIC FORMULATION AND
ENVIRONMENTAL SCANNING
The Keen Eyes of Strategy
bull Strategy requires keen sense balanced mind fast thinking quick response and accurate moves
bull Visual thinking improves mental attention skills associated with environmental scanning (Bohannon 2009)
bull A corresponding example of the keen eyes of strategy is seen in the sharp sense and high aptitude of expert computer gamers
Environmental Scanning in Strategic Formulation
bull As organizational environment increasingly become uncertain and complex environmental scanning enables organizations to detect change and formulate adaptive strategies (Zhang Majid amp Foo 2010)
bull In strategic sense environmental scanning is also about mastering the immediate locality to national regional and global surroundings within which the organization operates
bull It includes scanning strategies internal factors and perceived change leading to purposive strategy formulation
STRATEGIC FORMULATION AND
SWOT ANALYSIS
SWOT Analysis in Strategic Formulation
bull The process of taking stock of activities requires thorough examination of internal status and external context of organizations (Keeley nd)
bull SWOT analysis allows organizations to recognize themselves and their surrounding environments in order to plan implement and monitor their strategies (Hashemi et al 2012)
bull Strategy formulation is concerned with areas of strengths or advantages contributions of external factors or opportunities as well as watching for internal weaknesses and external threats
STRATEGY FORMULATION AS STRATEGIC TOOL OF
ORGANIZATIONAL LEADERSHIP
Strategy Formulation as Leadership Instrument
bull Strategy is ldquothe match an organization makes between its internal resources and skills and the opportunities and risks created by its external environmentrdquo (Grant 2001 p 114)
bull The strategic formulation cycle consisting of data synthesis environmental scanning and SWOT analysis submits to continuous review
bull It is an effective instrument of organizational leadership for effective and efficient attainment of mission and vision
Strategy Formulation and Organizational Performance
bull Consensus on objectives or methods and collaboration amongst management team members positively relates to organizational performance (Dess 2006)
bull Leadership has great influence on organizational performance particular as it relates to strategy formulation and day to day decision making actions
bull All these are tied to the cycle of vision mission and strategy formulation leading to action plan
CONCLUSION
Summary
bull The paper conceptualizes strategy formulation and its major components and discusses and correlates data synthesis environmental scanning and SWOT analysis in strategy formulation
bull It establishes strategy formulation as starting point of the strategic management process or planning and explains the conduct of strategy formulation as tool for organizational leadership
Conclusion
bull The strategy formulation is proposed as a crucial organizational leadership instrument of the strategic management process with illustrations
bull The paper draws conclusions on the foundational value and contribution of strategy formulation in the strategic management process
Recommendations
bull It strongly recommends knowledge and skills on strategy formulation and strategic management process for middle and higher executive who constitute organizational leadership
bull A simulation exercise is designed to practice on the application of strategy formulation in real world situations
SIMULATION EXERCISE
Groups of Course Participants are to prepare Strategy Formulation Schedule for the National Institute for Policy and Strategic Studies from the amended Mission and Vision of previous Exercise
ReferenceAcur N amp Englyst L (2006) Assessment of strategy formulation How to ensure quality in process and outcome International Journal of Operations and Production Management 26(1) 69-91Barney J B (1086) Types of competition and the theory of strategy Toward an integrative framework Academy of Management Review 11(4) 791-800 Retrieved from httpamraomorgcontent114791short Berg T M W Heymanns S S Leone D Vergouw J A Hayden A P Verhagen amp H Vet (2013) Overview of data-synthesis in systematic reviews of studies on outcome prediction BMC Medical Research Methodologies BMC Series Retrieved from httpbmcmmedresmethodolbiomedcentralcomarticles1011861471-2288-13-42 Bohannon J (2009) The keen eyes of a gamer Science March 30 [Online] American Association for Advancement of Science (AAAS) Retrieved from httpsciencemagorg 10 April 2016Bordean O Borza A Rus C amp Mitra C (2010) An investigation on the strategy formulation process within the Roman companies Managerial Challenges of the Contemporary Society Proceedings 26-31BusinessDictionarycom httpwwwbusinessdictionarycomdefinition-organizational-leadershiphtmlChamberlain G P (2010) Understanding strategy Charleston NC Create SpaceCorreia Z amp Wilson T D (1997) Scanning the business environment for information A grounded theory approach Information Research 2(4) April Retrieved from httpwwwinformationrnetir2-4paper21html Costa J (1997) A study of strategic planning and environmental scanning in the multi-unit Portuguese hotel sector A Thesis Submitted in Fulfillment of the Requirements for the Award of PhD Degree May Department of Management studies University of Surrey UKgtDavid F R (2008) Concepts of strategic management (6th Edition) Upper Saddle River NJ Prince-HallDess G G (2006) Consensus on strategy formulation and organizational performance Competitors in a fragmented industry Strategic Management Journal November 8 DOI 101002smj4250080305Ellerby L (2009) Analysis plus synthesis Turning data into insights UX Matters April 27 Retrieved from httpwwwuxmatterscomauthorsarchives200703lindsay_ellerbyphp Freedman L (2013) Strategy Oxford UK Oxford University PressGrant R M (2001) The resource-based theory of competitive advantage Implications for strategy formulation California Management Review Spring 1991___________ (2010) Analyzing the industry environment In Mazzucato M (ed) Strategy for business A reader London SAGE PublicationsHashemi N F Masdeh M M Razeghi A amp Rahimian A (2012) Formulating and choosing strategies using SWOT analysis and QSPM matrix A case study of Hamadan Glass CompanyHarvard Business School Review (HBR) Blog Network httpblogshbrorg Hill C W Jones G R amp Schilling M A (2015) Strategic management theory (11th Edition) London UK Cengage LearningKeeley E T (n d) How to conduct a SWOT analysis [Online] Retrieved from httpoieekuedusitesoieekuedufilesfilesSWOT20Analysispdf 10 April 2016
bull Kvint V (2009) The global emerging market Strategic management and economics New York NY Routledge Publishing Li Y Guohu S amp Eppler M J (2008) Making strategy work A literature review on factors influencing strategy implementation ICA Working Papers 22008 Institute for Corporate Communication Lugano SwitzerlandMichael Porter (nd) BrainyQuotecom Retrieved April 7 2016 from BrainyQuotecom Web site httpwwwbrainyquotecomquotesquotesmmichaelpor378202html Mitchell R C (2009) Strategy formulation [Online] Retrieved from httpwwwsaylororgsitewp-contentuploads201304BUS300-23_Strategy-Formulationpdf 10 April 2016Mintzberg H amp Quinn J B (1996) The strategy process Concepts contexts cases Upper Saddle River NJ Prentice HallMintzberg H (1978) Patterns in strategy formation Management Science 24(9) 934-948Nabradi A (nd) Strategic management process strategy formulation [Online] Retrieved from httpwwwagrunizghrmultimediapdfstrategic_mgmt_2pdfParnell J A (2005) Strategic philosophy and management level Management Decision 3(2) 157-170 Retrieved from httpwwwemeraldinsightcom00251747htm Porter M E (1991) Towards a dynamic theory of strategy Strategic Management Journal 12(S2) 95-117 Winter DOI101002smj4250121008 Porter M E (2010) What is strategy In Mazzucato M (ed) Strategy for business A reader London SAGE PublicationsRyan R (2013) Cochrane consumers and communication review group Data synthesis and analysis Cochrane Consumers and Communication Review Group June Retrieved from httpccorgcochraneorg Scouller J (2011) Three levels of leadership How to develop your leadership presence knowhow and skills Cirencester UK Management Books 2000Theocharopoulos M (2012) Strategy formulation using SWOT Retrieved from httpwwwslidesharenetmanostheocharopoulosstrategy-formulation-using-swot-15650383Ulwick A W (1999) Business strategy formulation Theory process and the intellectual revolution London UK Quorum BooksVasile T amp Iancu A (2009) A model of the strategic management processVatchkova E (2012) Contents historical development of strategy Strategic management Retrieved from httpwwwiucedueugroupmba_learning2012STRATMANEV-L1-introductionpdfWilliam E Rothschild W E (nd) httpwwwazquotescompicture-quotes Yarger H R (2006) Strategic theory for the 21st century The little book for big strategy Strategic Studies Institute Retrieved from httpwwwStrategicStudiesInstitutearmymil Yousuf M (2016) The nature of strategic management Chapter I What is strategic management Academia httpswwwacademiaedu6349510THE_NATURE_OF_STRATEGIC_MANAGEMENT_I_WHAT_IS_STRATEGIC_MANAGEMENTZan L (1990) Looking for theories in strategy studies Scandinavian Journal of Management 6(2) 89-108 httpwwwsciencedirectcomsciencearticlepii095652219090018C Zhang X Majid S amp Foo S (2010) Environmental scanning An application of information literacy skills at the work place Journal of Information Science 36(6) 719-732 DOI1011771065551510385644 httpwwwquotelandcomauthorRobert-J-Mckain-Quotes6434httpspcscaliforniaincwordpresscomcategorygeneral-management-workshop httpwwwcivilserviceindiacomsubjectManagementnotesnature-and-scope-of-strategic-managementhtml
Literature Milestonesbull Acur amp Englyst (2006) expound on thinking phases and
generic approaches for organizational strategy formulation including assessment and success criteria for organizations
bull Li Guohu amp Eppler (2008) demonstrate and review literature on how to make strategy formulation works for organizations
bull Mitchell (2009) emphasizes on organizational strategy formulation as tool for corporate rather than military operational instrument
bull Bordean (et al 2010) investigates the application of strategy formulation to companies as part of contemporary challenges and opportunities to organizations and leadership
Gap to Fill
This paper works on correlation of data synthesis environmental scanning and SWOT analysis as components of strategy formulation
Theorem
bull Theories of strategy or theories of action associated with strategy formulation flow along conceptual transition overtime (Barney 1986 Zan 1990 Porter 1991 Yarger 2006 Chamberlin 2010)
bull There is a proposal for an integrative framework for theory of strategy in managerial decisions and actions (Barney 1986 Zan 1990)
bull Also there has been a long standing progress in the field with emphasis on dynamic theory of strategy and cross-sectional and longitudinal problems in organizational environment (Porter1991)
A Theoretical Frameworkbull Yarger (2006) provides theories of action to the 21st
century organizational leadership in his work lsquoThe Little Book on Big Strategyrsquo
bull Chamberlain (2010) reviews past trends and treat left-over areas including concepts forces process and mechanisms by with strategy can take effect
bull Theories on strategy formulation are inclined to interactive nature of its components for rational propositions
bull Theoretical framework for this paper presupposes the correlation of strategic formulation components of data synthesis environmental scanning and SWOT analysis
Problem Statement
bull The use of strategy is avail to management process of organizations in the systematic incorporation of scientific observations and methods in formulating plans derived from mission and vision statements
bull Strategy formulation poses prospects as much as challenges to organizational leadership in the strategic management process
bull There is the need for middle and higher executives of organization to be acquainted with the rigours of conducting the strategy formation process
Points of Inquiry
bull To conceptualize strategy formulation and its major components
bull To itemize and correlate data synthesis environmental scanning and SWOT analysis in strategy formulation
bull To establish strategy formulation as starting point of the strategic management process or planning
bull To explain the conduct of strategy formulation as tool for organizational leadership and
bull To draw conclusion and suggest the way forward for success and survival of organizations
CONCEPTUAL FRAMEWORK
Strategy
bull Strategy focuses on possible courses of decisions and action utilizing available resources and determined by environmental influence
bull It is the practice of higher level plans or leadership in achieving set goals of organizations under ever changing situations or environments
bull It also involves patterns in streams of decisions and actions that shape the future into desirable ends by means of available resources (Mintzberg 1978 Mintzberg amp Quinn 1996 Kvint 2009 Freedman 2013)
Strategy Formulation
bull Strategy formulation is the task of analyzing the organizationrsquos internal and external environments and selecting or devising appropriate plans or strategies in setting goals or objectives and ways of achieving them
bull It involves the establishment or adjustment of mission and vision statements environmental analysis or scanning setting goals or objectives and the ways and means for attainment (Nabradi nd Mitchell 2009)
bull It is a living document that changes and grows time or events
Data Synthesis
bull Data is a body of factual information assembled for use in planning decision making or drawing conclusions
bull Synthesis refers to result of combination of different ideas influences or data for the purpose of producing structures or relationships known as formulation
bull Data Synthesis combines outcomes from different assumptions on overall effects of particular intervention to arrive at clear pattern for decision and action (Ellerby 2009 Berg 2013 Ryan 2013)
Environmental Scanning
bull Environment is the surrounding influence settings situation atmosphere background conditions or circumstances which determining the activities or fate of any given venture
bull Scanning refers to detailed or thorough examination of the environment for the purpose of extracting much needed data
bull Environmental Scanning is the systematic process of close monitoring for environmental signals for use in strategic decision making action or formulation of tasks (Zhang Majid amp Foo 2010)
SWOT Analysis
bull SWOT analysis is a veritable instrument or method of strategic planning use in strategy formulation
bull It evaluates strengths or advantages over others weaknesses or disadvantages relative to others opportunities or chances for progress and threats or causes for concern
bull It is the work room of strategy formulation where results of data synthesis and environmental scanning are put together for evaluation
bull It is used to identify and align strategies to available resources and capabilities to realities of the environment
Organizational Leadership
bull Organizational leadership is the management staff that provides inspiration objectives operational oversight and other administrative services to the organization often seen in Mission and Vision Statements (BusinessDictionarycom)
Strategic Management Process
bull The strategic management process (SMP) is an objective logical systematic and continuous approach for making major decisions and taking actions in an organization (Yousuf 2016)
bull It is defined as a dynamic process of strategy formulation implementation evaluation and control (Parnell 2005 David 2008 Vasile amp Iancu 2009 Vatchkova 2010 Hill Jones amp Schilling 2015 Yousuf 2016)
STRATEGIC FORMULATION AND
DATA SYNTHESIS
The Sense in Data
bull Data is most crucial in the process of choosing appropriate courses of action towards defined goals
bull Strategy formulation relies heavily on data for planning decision making and action for overall effects (Ellerby 2009)
bull Strategic control can only be achieved by data synthesis in which information is gathered refined applied and reviewed systematically over time (Ulwick 1999)
Data Synthesis in Strategic Formulation
bull Data Synthesis examines and infers relationships among sources in a clear obvious and definite format for useful in strategic formulation
bull It combines information and ideas to create and develop more ideas better focus wider perspective in an impending strategic formulation cycle
bull Output of data synthesis is useful for core insight critical thinking and testing of ideas in making next moves
bull These turn out good analysis as well as what to do next in strategy formulation towards set objectives
STRATEGIC FORMULATION AND
ENVIRONMENTAL SCANNING
The Keen Eyes of Strategy
bull Strategy requires keen sense balanced mind fast thinking quick response and accurate moves
bull Visual thinking improves mental attention skills associated with environmental scanning (Bohannon 2009)
bull A corresponding example of the keen eyes of strategy is seen in the sharp sense and high aptitude of expert computer gamers
Environmental Scanning in Strategic Formulation
bull As organizational environment increasingly become uncertain and complex environmental scanning enables organizations to detect change and formulate adaptive strategies (Zhang Majid amp Foo 2010)
bull In strategic sense environmental scanning is also about mastering the immediate locality to national regional and global surroundings within which the organization operates
bull It includes scanning strategies internal factors and perceived change leading to purposive strategy formulation
STRATEGIC FORMULATION AND
SWOT ANALYSIS
SWOT Analysis in Strategic Formulation
bull The process of taking stock of activities requires thorough examination of internal status and external context of organizations (Keeley nd)
bull SWOT analysis allows organizations to recognize themselves and their surrounding environments in order to plan implement and monitor their strategies (Hashemi et al 2012)
bull Strategy formulation is concerned with areas of strengths or advantages contributions of external factors or opportunities as well as watching for internal weaknesses and external threats
STRATEGY FORMULATION AS STRATEGIC TOOL OF
ORGANIZATIONAL LEADERSHIP
Strategy Formulation as Leadership Instrument
bull Strategy is ldquothe match an organization makes between its internal resources and skills and the opportunities and risks created by its external environmentrdquo (Grant 2001 p 114)
bull The strategic formulation cycle consisting of data synthesis environmental scanning and SWOT analysis submits to continuous review
bull It is an effective instrument of organizational leadership for effective and efficient attainment of mission and vision
Strategy Formulation and Organizational Performance
bull Consensus on objectives or methods and collaboration amongst management team members positively relates to organizational performance (Dess 2006)
bull Leadership has great influence on organizational performance particular as it relates to strategy formulation and day to day decision making actions
bull All these are tied to the cycle of vision mission and strategy formulation leading to action plan
CONCLUSION
Summary
bull The paper conceptualizes strategy formulation and its major components and discusses and correlates data synthesis environmental scanning and SWOT analysis in strategy formulation
bull It establishes strategy formulation as starting point of the strategic management process or planning and explains the conduct of strategy formulation as tool for organizational leadership
Conclusion
bull The strategy formulation is proposed as a crucial organizational leadership instrument of the strategic management process with illustrations
bull The paper draws conclusions on the foundational value and contribution of strategy formulation in the strategic management process
Recommendations
bull It strongly recommends knowledge and skills on strategy formulation and strategic management process for middle and higher executive who constitute organizational leadership
bull A simulation exercise is designed to practice on the application of strategy formulation in real world situations
SIMULATION EXERCISE
Groups of Course Participants are to prepare Strategy Formulation Schedule for the National Institute for Policy and Strategic Studies from the amended Mission and Vision of previous Exercise
ReferenceAcur N amp Englyst L (2006) Assessment of strategy formulation How to ensure quality in process and outcome International Journal of Operations and Production Management 26(1) 69-91Barney J B (1086) Types of competition and the theory of strategy Toward an integrative framework Academy of Management Review 11(4) 791-800 Retrieved from httpamraomorgcontent114791short Berg T M W Heymanns S S Leone D Vergouw J A Hayden A P Verhagen amp H Vet (2013) Overview of data-synthesis in systematic reviews of studies on outcome prediction BMC Medical Research Methodologies BMC Series Retrieved from httpbmcmmedresmethodolbiomedcentralcomarticles1011861471-2288-13-42 Bohannon J (2009) The keen eyes of a gamer Science March 30 [Online] American Association for Advancement of Science (AAAS) Retrieved from httpsciencemagorg 10 April 2016Bordean O Borza A Rus C amp Mitra C (2010) An investigation on the strategy formulation process within the Roman companies Managerial Challenges of the Contemporary Society Proceedings 26-31BusinessDictionarycom httpwwwbusinessdictionarycomdefinition-organizational-leadershiphtmlChamberlain G P (2010) Understanding strategy Charleston NC Create SpaceCorreia Z amp Wilson T D (1997) Scanning the business environment for information A grounded theory approach Information Research 2(4) April Retrieved from httpwwwinformationrnetir2-4paper21html Costa J (1997) A study of strategic planning and environmental scanning in the multi-unit Portuguese hotel sector A Thesis Submitted in Fulfillment of the Requirements for the Award of PhD Degree May Department of Management studies University of Surrey UKgtDavid F R (2008) Concepts of strategic management (6th Edition) Upper Saddle River NJ Prince-HallDess G G (2006) Consensus on strategy formulation and organizational performance Competitors in a fragmented industry Strategic Management Journal November 8 DOI 101002smj4250080305Ellerby L (2009) Analysis plus synthesis Turning data into insights UX Matters April 27 Retrieved from httpwwwuxmatterscomauthorsarchives200703lindsay_ellerbyphp Freedman L (2013) Strategy Oxford UK Oxford University PressGrant R M (2001) The resource-based theory of competitive advantage Implications for strategy formulation California Management Review Spring 1991___________ (2010) Analyzing the industry environment In Mazzucato M (ed) Strategy for business A reader London SAGE PublicationsHashemi N F Masdeh M M Razeghi A amp Rahimian A (2012) Formulating and choosing strategies using SWOT analysis and QSPM matrix A case study of Hamadan Glass CompanyHarvard Business School Review (HBR) Blog Network httpblogshbrorg Hill C W Jones G R amp Schilling M A (2015) Strategic management theory (11th Edition) London UK Cengage LearningKeeley E T (n d) How to conduct a SWOT analysis [Online] Retrieved from httpoieekuedusitesoieekuedufilesfilesSWOT20Analysispdf 10 April 2016
bull Kvint V (2009) The global emerging market Strategic management and economics New York NY Routledge Publishing Li Y Guohu S amp Eppler M J (2008) Making strategy work A literature review on factors influencing strategy implementation ICA Working Papers 22008 Institute for Corporate Communication Lugano SwitzerlandMichael Porter (nd) BrainyQuotecom Retrieved April 7 2016 from BrainyQuotecom Web site httpwwwbrainyquotecomquotesquotesmmichaelpor378202html Mitchell R C (2009) Strategy formulation [Online] Retrieved from httpwwwsaylororgsitewp-contentuploads201304BUS300-23_Strategy-Formulationpdf 10 April 2016Mintzberg H amp Quinn J B (1996) The strategy process Concepts contexts cases Upper Saddle River NJ Prentice HallMintzberg H (1978) Patterns in strategy formation Management Science 24(9) 934-948Nabradi A (nd) Strategic management process strategy formulation [Online] Retrieved from httpwwwagrunizghrmultimediapdfstrategic_mgmt_2pdfParnell J A (2005) Strategic philosophy and management level Management Decision 3(2) 157-170 Retrieved from httpwwwemeraldinsightcom00251747htm Porter M E (1991) Towards a dynamic theory of strategy Strategic Management Journal 12(S2) 95-117 Winter DOI101002smj4250121008 Porter M E (2010) What is strategy In Mazzucato M (ed) Strategy for business A reader London SAGE PublicationsRyan R (2013) Cochrane consumers and communication review group Data synthesis and analysis Cochrane Consumers and Communication Review Group June Retrieved from httpccorgcochraneorg Scouller J (2011) Three levels of leadership How to develop your leadership presence knowhow and skills Cirencester UK Management Books 2000Theocharopoulos M (2012) Strategy formulation using SWOT Retrieved from httpwwwslidesharenetmanostheocharopoulosstrategy-formulation-using-swot-15650383Ulwick A W (1999) Business strategy formulation Theory process and the intellectual revolution London UK Quorum BooksVasile T amp Iancu A (2009) A model of the strategic management processVatchkova E (2012) Contents historical development of strategy Strategic management Retrieved from httpwwwiucedueugroupmba_learning2012STRATMANEV-L1-introductionpdfWilliam E Rothschild W E (nd) httpwwwazquotescompicture-quotes Yarger H R (2006) Strategic theory for the 21st century The little book for big strategy Strategic Studies Institute Retrieved from httpwwwStrategicStudiesInstitutearmymil Yousuf M (2016) The nature of strategic management Chapter I What is strategic management Academia httpswwwacademiaedu6349510THE_NATURE_OF_STRATEGIC_MANAGEMENT_I_WHAT_IS_STRATEGIC_MANAGEMENTZan L (1990) Looking for theories in strategy studies Scandinavian Journal of Management 6(2) 89-108 httpwwwsciencedirectcomsciencearticlepii095652219090018C Zhang X Majid S amp Foo S (2010) Environmental scanning An application of information literacy skills at the work place Journal of Information Science 36(6) 719-732 DOI1011771065551510385644 httpwwwquotelandcomauthorRobert-J-Mckain-Quotes6434httpspcscaliforniaincwordpresscomcategorygeneral-management-workshop httpwwwcivilserviceindiacomsubjectManagementnotesnature-and-scope-of-strategic-managementhtml
Gap to Fill
This paper works on correlation of data synthesis environmental scanning and SWOT analysis as components of strategy formulation
Theorem
bull Theories of strategy or theories of action associated with strategy formulation flow along conceptual transition overtime (Barney 1986 Zan 1990 Porter 1991 Yarger 2006 Chamberlin 2010)
bull There is a proposal for an integrative framework for theory of strategy in managerial decisions and actions (Barney 1986 Zan 1990)
bull Also there has been a long standing progress in the field with emphasis on dynamic theory of strategy and cross-sectional and longitudinal problems in organizational environment (Porter1991)
A Theoretical Frameworkbull Yarger (2006) provides theories of action to the 21st
century organizational leadership in his work lsquoThe Little Book on Big Strategyrsquo
bull Chamberlain (2010) reviews past trends and treat left-over areas including concepts forces process and mechanisms by with strategy can take effect
bull Theories on strategy formulation are inclined to interactive nature of its components for rational propositions
bull Theoretical framework for this paper presupposes the correlation of strategic formulation components of data synthesis environmental scanning and SWOT analysis
Problem Statement
bull The use of strategy is avail to management process of organizations in the systematic incorporation of scientific observations and methods in formulating plans derived from mission and vision statements
bull Strategy formulation poses prospects as much as challenges to organizational leadership in the strategic management process
bull There is the need for middle and higher executives of organization to be acquainted with the rigours of conducting the strategy formation process
Points of Inquiry
bull To conceptualize strategy formulation and its major components
bull To itemize and correlate data synthesis environmental scanning and SWOT analysis in strategy formulation
bull To establish strategy formulation as starting point of the strategic management process or planning
bull To explain the conduct of strategy formulation as tool for organizational leadership and
bull To draw conclusion and suggest the way forward for success and survival of organizations
CONCEPTUAL FRAMEWORK
Strategy
bull Strategy focuses on possible courses of decisions and action utilizing available resources and determined by environmental influence
bull It is the practice of higher level plans or leadership in achieving set goals of organizations under ever changing situations or environments
bull It also involves patterns in streams of decisions and actions that shape the future into desirable ends by means of available resources (Mintzberg 1978 Mintzberg amp Quinn 1996 Kvint 2009 Freedman 2013)
Strategy Formulation
bull Strategy formulation is the task of analyzing the organizationrsquos internal and external environments and selecting or devising appropriate plans or strategies in setting goals or objectives and ways of achieving them
bull It involves the establishment or adjustment of mission and vision statements environmental analysis or scanning setting goals or objectives and the ways and means for attainment (Nabradi nd Mitchell 2009)
bull It is a living document that changes and grows time or events
Data Synthesis
bull Data is a body of factual information assembled for use in planning decision making or drawing conclusions
bull Synthesis refers to result of combination of different ideas influences or data for the purpose of producing structures or relationships known as formulation
bull Data Synthesis combines outcomes from different assumptions on overall effects of particular intervention to arrive at clear pattern for decision and action (Ellerby 2009 Berg 2013 Ryan 2013)
Environmental Scanning
bull Environment is the surrounding influence settings situation atmosphere background conditions or circumstances which determining the activities or fate of any given venture
bull Scanning refers to detailed or thorough examination of the environment for the purpose of extracting much needed data
bull Environmental Scanning is the systematic process of close monitoring for environmental signals for use in strategic decision making action or formulation of tasks (Zhang Majid amp Foo 2010)
SWOT Analysis
bull SWOT analysis is a veritable instrument or method of strategic planning use in strategy formulation
bull It evaluates strengths or advantages over others weaknesses or disadvantages relative to others opportunities or chances for progress and threats or causes for concern
bull It is the work room of strategy formulation where results of data synthesis and environmental scanning are put together for evaluation
bull It is used to identify and align strategies to available resources and capabilities to realities of the environment
Organizational Leadership
bull Organizational leadership is the management staff that provides inspiration objectives operational oversight and other administrative services to the organization often seen in Mission and Vision Statements (BusinessDictionarycom)
Strategic Management Process
bull The strategic management process (SMP) is an objective logical systematic and continuous approach for making major decisions and taking actions in an organization (Yousuf 2016)
bull It is defined as a dynamic process of strategy formulation implementation evaluation and control (Parnell 2005 David 2008 Vasile amp Iancu 2009 Vatchkova 2010 Hill Jones amp Schilling 2015 Yousuf 2016)
STRATEGIC FORMULATION AND
DATA SYNTHESIS
The Sense in Data
bull Data is most crucial in the process of choosing appropriate courses of action towards defined goals
bull Strategy formulation relies heavily on data for planning decision making and action for overall effects (Ellerby 2009)
bull Strategic control can only be achieved by data synthesis in which information is gathered refined applied and reviewed systematically over time (Ulwick 1999)
Data Synthesis in Strategic Formulation
bull Data Synthesis examines and infers relationships among sources in a clear obvious and definite format for useful in strategic formulation
bull It combines information and ideas to create and develop more ideas better focus wider perspective in an impending strategic formulation cycle
bull Output of data synthesis is useful for core insight critical thinking and testing of ideas in making next moves
bull These turn out good analysis as well as what to do next in strategy formulation towards set objectives
STRATEGIC FORMULATION AND
ENVIRONMENTAL SCANNING
The Keen Eyes of Strategy
bull Strategy requires keen sense balanced mind fast thinking quick response and accurate moves
bull Visual thinking improves mental attention skills associated with environmental scanning (Bohannon 2009)
bull A corresponding example of the keen eyes of strategy is seen in the sharp sense and high aptitude of expert computer gamers
Environmental Scanning in Strategic Formulation
bull As organizational environment increasingly become uncertain and complex environmental scanning enables organizations to detect change and formulate adaptive strategies (Zhang Majid amp Foo 2010)
bull In strategic sense environmental scanning is also about mastering the immediate locality to national regional and global surroundings within which the organization operates
bull It includes scanning strategies internal factors and perceived change leading to purposive strategy formulation
STRATEGIC FORMULATION AND
SWOT ANALYSIS
SWOT Analysis in Strategic Formulation
bull The process of taking stock of activities requires thorough examination of internal status and external context of organizations (Keeley nd)
bull SWOT analysis allows organizations to recognize themselves and their surrounding environments in order to plan implement and monitor their strategies (Hashemi et al 2012)
bull Strategy formulation is concerned with areas of strengths or advantages contributions of external factors or opportunities as well as watching for internal weaknesses and external threats
STRATEGY FORMULATION AS STRATEGIC TOOL OF
ORGANIZATIONAL LEADERSHIP
Strategy Formulation as Leadership Instrument
bull Strategy is ldquothe match an organization makes between its internal resources and skills and the opportunities and risks created by its external environmentrdquo (Grant 2001 p 114)
bull The strategic formulation cycle consisting of data synthesis environmental scanning and SWOT analysis submits to continuous review
bull It is an effective instrument of organizational leadership for effective and efficient attainment of mission and vision
Strategy Formulation and Organizational Performance
bull Consensus on objectives or methods and collaboration amongst management team members positively relates to organizational performance (Dess 2006)
bull Leadership has great influence on organizational performance particular as it relates to strategy formulation and day to day decision making actions
bull All these are tied to the cycle of vision mission and strategy formulation leading to action plan
CONCLUSION
Summary
bull The paper conceptualizes strategy formulation and its major components and discusses and correlates data synthesis environmental scanning and SWOT analysis in strategy formulation
bull It establishes strategy formulation as starting point of the strategic management process or planning and explains the conduct of strategy formulation as tool for organizational leadership
Conclusion
bull The strategy formulation is proposed as a crucial organizational leadership instrument of the strategic management process with illustrations
bull The paper draws conclusions on the foundational value and contribution of strategy formulation in the strategic management process
Recommendations
bull It strongly recommends knowledge and skills on strategy formulation and strategic management process for middle and higher executive who constitute organizational leadership
bull A simulation exercise is designed to practice on the application of strategy formulation in real world situations
SIMULATION EXERCISE
Groups of Course Participants are to prepare Strategy Formulation Schedule for the National Institute for Policy and Strategic Studies from the amended Mission and Vision of previous Exercise
ReferenceAcur N amp Englyst L (2006) Assessment of strategy formulation How to ensure quality in process and outcome International Journal of Operations and Production Management 26(1) 69-91Barney J B (1086) Types of competition and the theory of strategy Toward an integrative framework Academy of Management Review 11(4) 791-800 Retrieved from httpamraomorgcontent114791short Berg T M W Heymanns S S Leone D Vergouw J A Hayden A P Verhagen amp H Vet (2013) Overview of data-synthesis in systematic reviews of studies on outcome prediction BMC Medical Research Methodologies BMC Series Retrieved from httpbmcmmedresmethodolbiomedcentralcomarticles1011861471-2288-13-42 Bohannon J (2009) The keen eyes of a gamer Science March 30 [Online] American Association for Advancement of Science (AAAS) Retrieved from httpsciencemagorg 10 April 2016Bordean O Borza A Rus C amp Mitra C (2010) An investigation on the strategy formulation process within the Roman companies Managerial Challenges of the Contemporary Society Proceedings 26-31BusinessDictionarycom httpwwwbusinessdictionarycomdefinition-organizational-leadershiphtmlChamberlain G P (2010) Understanding strategy Charleston NC Create SpaceCorreia Z amp Wilson T D (1997) Scanning the business environment for information A grounded theory approach Information Research 2(4) April Retrieved from httpwwwinformationrnetir2-4paper21html Costa J (1997) A study of strategic planning and environmental scanning in the multi-unit Portuguese hotel sector A Thesis Submitted in Fulfillment of the Requirements for the Award of PhD Degree May Department of Management studies University of Surrey UKgtDavid F R (2008) Concepts of strategic management (6th Edition) Upper Saddle River NJ Prince-HallDess G G (2006) Consensus on strategy formulation and organizational performance Competitors in a fragmented industry Strategic Management Journal November 8 DOI 101002smj4250080305Ellerby L (2009) Analysis plus synthesis Turning data into insights UX Matters April 27 Retrieved from httpwwwuxmatterscomauthorsarchives200703lindsay_ellerbyphp Freedman L (2013) Strategy Oxford UK Oxford University PressGrant R M (2001) The resource-based theory of competitive advantage Implications for strategy formulation California Management Review Spring 1991___________ (2010) Analyzing the industry environment In Mazzucato M (ed) Strategy for business A reader London SAGE PublicationsHashemi N F Masdeh M M Razeghi A amp Rahimian A (2012) Formulating and choosing strategies using SWOT analysis and QSPM matrix A case study of Hamadan Glass CompanyHarvard Business School Review (HBR) Blog Network httpblogshbrorg Hill C W Jones G R amp Schilling M A (2015) Strategic management theory (11th Edition) London UK Cengage LearningKeeley E T (n d) How to conduct a SWOT analysis [Online] Retrieved from httpoieekuedusitesoieekuedufilesfilesSWOT20Analysispdf 10 April 2016
bull Kvint V (2009) The global emerging market Strategic management and economics New York NY Routledge Publishing Li Y Guohu S amp Eppler M J (2008) Making strategy work A literature review on factors influencing strategy implementation ICA Working Papers 22008 Institute for Corporate Communication Lugano SwitzerlandMichael Porter (nd) BrainyQuotecom Retrieved April 7 2016 from BrainyQuotecom Web site httpwwwbrainyquotecomquotesquotesmmichaelpor378202html Mitchell R C (2009) Strategy formulation [Online] Retrieved from httpwwwsaylororgsitewp-contentuploads201304BUS300-23_Strategy-Formulationpdf 10 April 2016Mintzberg H amp Quinn J B (1996) The strategy process Concepts contexts cases Upper Saddle River NJ Prentice HallMintzberg H (1978) Patterns in strategy formation Management Science 24(9) 934-948Nabradi A (nd) Strategic management process strategy formulation [Online] Retrieved from httpwwwagrunizghrmultimediapdfstrategic_mgmt_2pdfParnell J A (2005) Strategic philosophy and management level Management Decision 3(2) 157-170 Retrieved from httpwwwemeraldinsightcom00251747htm Porter M E (1991) Towards a dynamic theory of strategy Strategic Management Journal 12(S2) 95-117 Winter DOI101002smj4250121008 Porter M E (2010) What is strategy In Mazzucato M (ed) Strategy for business A reader London SAGE PublicationsRyan R (2013) Cochrane consumers and communication review group Data synthesis and analysis Cochrane Consumers and Communication Review Group June Retrieved from httpccorgcochraneorg Scouller J (2011) Three levels of leadership How to develop your leadership presence knowhow and skills Cirencester UK Management Books 2000Theocharopoulos M (2012) Strategy formulation using SWOT Retrieved from httpwwwslidesharenetmanostheocharopoulosstrategy-formulation-using-swot-15650383Ulwick A W (1999) Business strategy formulation Theory process and the intellectual revolution London UK Quorum BooksVasile T amp Iancu A (2009) A model of the strategic management processVatchkova E (2012) Contents historical development of strategy Strategic management Retrieved from httpwwwiucedueugroupmba_learning2012STRATMANEV-L1-introductionpdfWilliam E Rothschild W E (nd) httpwwwazquotescompicture-quotes Yarger H R (2006) Strategic theory for the 21st century The little book for big strategy Strategic Studies Institute Retrieved from httpwwwStrategicStudiesInstitutearmymil Yousuf M (2016) The nature of strategic management Chapter I What is strategic management Academia httpswwwacademiaedu6349510THE_NATURE_OF_STRATEGIC_MANAGEMENT_I_WHAT_IS_STRATEGIC_MANAGEMENTZan L (1990) Looking for theories in strategy studies Scandinavian Journal of Management 6(2) 89-108 httpwwwsciencedirectcomsciencearticlepii095652219090018C Zhang X Majid S amp Foo S (2010) Environmental scanning An application of information literacy skills at the work place Journal of Information Science 36(6) 719-732 DOI1011771065551510385644 httpwwwquotelandcomauthorRobert-J-Mckain-Quotes6434httpspcscaliforniaincwordpresscomcategorygeneral-management-workshop httpwwwcivilserviceindiacomsubjectManagementnotesnature-and-scope-of-strategic-managementhtml
Theorem
bull Theories of strategy or theories of action associated with strategy formulation flow along conceptual transition overtime (Barney 1986 Zan 1990 Porter 1991 Yarger 2006 Chamberlin 2010)
bull There is a proposal for an integrative framework for theory of strategy in managerial decisions and actions (Barney 1986 Zan 1990)
bull Also there has been a long standing progress in the field with emphasis on dynamic theory of strategy and cross-sectional and longitudinal problems in organizational environment (Porter1991)
A Theoretical Frameworkbull Yarger (2006) provides theories of action to the 21st
century organizational leadership in his work lsquoThe Little Book on Big Strategyrsquo
bull Chamberlain (2010) reviews past trends and treat left-over areas including concepts forces process and mechanisms by with strategy can take effect
bull Theories on strategy formulation are inclined to interactive nature of its components for rational propositions
bull Theoretical framework for this paper presupposes the correlation of strategic formulation components of data synthesis environmental scanning and SWOT analysis
Problem Statement
bull The use of strategy is avail to management process of organizations in the systematic incorporation of scientific observations and methods in formulating plans derived from mission and vision statements
bull Strategy formulation poses prospects as much as challenges to organizational leadership in the strategic management process
bull There is the need for middle and higher executives of organization to be acquainted with the rigours of conducting the strategy formation process
Points of Inquiry
bull To conceptualize strategy formulation and its major components
bull To itemize and correlate data synthesis environmental scanning and SWOT analysis in strategy formulation
bull To establish strategy formulation as starting point of the strategic management process or planning
bull To explain the conduct of strategy formulation as tool for organizational leadership and
bull To draw conclusion and suggest the way forward for success and survival of organizations
CONCEPTUAL FRAMEWORK
Strategy
bull Strategy focuses on possible courses of decisions and action utilizing available resources and determined by environmental influence
bull It is the practice of higher level plans or leadership in achieving set goals of organizations under ever changing situations or environments
bull It also involves patterns in streams of decisions and actions that shape the future into desirable ends by means of available resources (Mintzberg 1978 Mintzberg amp Quinn 1996 Kvint 2009 Freedman 2013)
Strategy Formulation
bull Strategy formulation is the task of analyzing the organizationrsquos internal and external environments and selecting or devising appropriate plans or strategies in setting goals or objectives and ways of achieving them
bull It involves the establishment or adjustment of mission and vision statements environmental analysis or scanning setting goals or objectives and the ways and means for attainment (Nabradi nd Mitchell 2009)
bull It is a living document that changes and grows time or events
Data Synthesis
bull Data is a body of factual information assembled for use in planning decision making or drawing conclusions
bull Synthesis refers to result of combination of different ideas influences or data for the purpose of producing structures or relationships known as formulation
bull Data Synthesis combines outcomes from different assumptions on overall effects of particular intervention to arrive at clear pattern for decision and action (Ellerby 2009 Berg 2013 Ryan 2013)
Environmental Scanning
bull Environment is the surrounding influence settings situation atmosphere background conditions or circumstances which determining the activities or fate of any given venture
bull Scanning refers to detailed or thorough examination of the environment for the purpose of extracting much needed data
bull Environmental Scanning is the systematic process of close monitoring for environmental signals for use in strategic decision making action or formulation of tasks (Zhang Majid amp Foo 2010)
SWOT Analysis
bull SWOT analysis is a veritable instrument or method of strategic planning use in strategy formulation
bull It evaluates strengths or advantages over others weaknesses or disadvantages relative to others opportunities or chances for progress and threats or causes for concern
bull It is the work room of strategy formulation where results of data synthesis and environmental scanning are put together for evaluation
bull It is used to identify and align strategies to available resources and capabilities to realities of the environment
Organizational Leadership
bull Organizational leadership is the management staff that provides inspiration objectives operational oversight and other administrative services to the organization often seen in Mission and Vision Statements (BusinessDictionarycom)
Strategic Management Process
bull The strategic management process (SMP) is an objective logical systematic and continuous approach for making major decisions and taking actions in an organization (Yousuf 2016)
bull It is defined as a dynamic process of strategy formulation implementation evaluation and control (Parnell 2005 David 2008 Vasile amp Iancu 2009 Vatchkova 2010 Hill Jones amp Schilling 2015 Yousuf 2016)
STRATEGIC FORMULATION AND
DATA SYNTHESIS
The Sense in Data
bull Data is most crucial in the process of choosing appropriate courses of action towards defined goals
bull Strategy formulation relies heavily on data for planning decision making and action for overall effects (Ellerby 2009)
bull Strategic control can only be achieved by data synthesis in which information is gathered refined applied and reviewed systematically over time (Ulwick 1999)
Data Synthesis in Strategic Formulation
bull Data Synthesis examines and infers relationships among sources in a clear obvious and definite format for useful in strategic formulation
bull It combines information and ideas to create and develop more ideas better focus wider perspective in an impending strategic formulation cycle
bull Output of data synthesis is useful for core insight critical thinking and testing of ideas in making next moves
bull These turn out good analysis as well as what to do next in strategy formulation towards set objectives
STRATEGIC FORMULATION AND
ENVIRONMENTAL SCANNING
The Keen Eyes of Strategy
bull Strategy requires keen sense balanced mind fast thinking quick response and accurate moves
bull Visual thinking improves mental attention skills associated with environmental scanning (Bohannon 2009)
bull A corresponding example of the keen eyes of strategy is seen in the sharp sense and high aptitude of expert computer gamers
Environmental Scanning in Strategic Formulation
bull As organizational environment increasingly become uncertain and complex environmental scanning enables organizations to detect change and formulate adaptive strategies (Zhang Majid amp Foo 2010)
bull In strategic sense environmental scanning is also about mastering the immediate locality to national regional and global surroundings within which the organization operates
bull It includes scanning strategies internal factors and perceived change leading to purposive strategy formulation
STRATEGIC FORMULATION AND
SWOT ANALYSIS
SWOT Analysis in Strategic Formulation
bull The process of taking stock of activities requires thorough examination of internal status and external context of organizations (Keeley nd)
bull SWOT analysis allows organizations to recognize themselves and their surrounding environments in order to plan implement and monitor their strategies (Hashemi et al 2012)
bull Strategy formulation is concerned with areas of strengths or advantages contributions of external factors or opportunities as well as watching for internal weaknesses and external threats
STRATEGY FORMULATION AS STRATEGIC TOOL OF
ORGANIZATIONAL LEADERSHIP
Strategy Formulation as Leadership Instrument
bull Strategy is ldquothe match an organization makes between its internal resources and skills and the opportunities and risks created by its external environmentrdquo (Grant 2001 p 114)
bull The strategic formulation cycle consisting of data synthesis environmental scanning and SWOT analysis submits to continuous review
bull It is an effective instrument of organizational leadership for effective and efficient attainment of mission and vision
Strategy Formulation and Organizational Performance
bull Consensus on objectives or methods and collaboration amongst management team members positively relates to organizational performance (Dess 2006)
bull Leadership has great influence on organizational performance particular as it relates to strategy formulation and day to day decision making actions
bull All these are tied to the cycle of vision mission and strategy formulation leading to action plan
CONCLUSION
Summary
bull The paper conceptualizes strategy formulation and its major components and discusses and correlates data synthesis environmental scanning and SWOT analysis in strategy formulation
bull It establishes strategy formulation as starting point of the strategic management process or planning and explains the conduct of strategy formulation as tool for organizational leadership
Conclusion
bull The strategy formulation is proposed as a crucial organizational leadership instrument of the strategic management process with illustrations
bull The paper draws conclusions on the foundational value and contribution of strategy formulation in the strategic management process
Recommendations
bull It strongly recommends knowledge and skills on strategy formulation and strategic management process for middle and higher executive who constitute organizational leadership
bull A simulation exercise is designed to practice on the application of strategy formulation in real world situations
SIMULATION EXERCISE
Groups of Course Participants are to prepare Strategy Formulation Schedule for the National Institute for Policy and Strategic Studies from the amended Mission and Vision of previous Exercise
ReferenceAcur N amp Englyst L (2006) Assessment of strategy formulation How to ensure quality in process and outcome International Journal of Operations and Production Management 26(1) 69-91Barney J B (1086) Types of competition and the theory of strategy Toward an integrative framework Academy of Management Review 11(4) 791-800 Retrieved from httpamraomorgcontent114791short Berg T M W Heymanns S S Leone D Vergouw J A Hayden A P Verhagen amp H Vet (2013) Overview of data-synthesis in systematic reviews of studies on outcome prediction BMC Medical Research Methodologies BMC Series Retrieved from httpbmcmmedresmethodolbiomedcentralcomarticles1011861471-2288-13-42 Bohannon J (2009) The keen eyes of a gamer Science March 30 [Online] American Association for Advancement of Science (AAAS) Retrieved from httpsciencemagorg 10 April 2016Bordean O Borza A Rus C amp Mitra C (2010) An investigation on the strategy formulation process within the Roman companies Managerial Challenges of the Contemporary Society Proceedings 26-31BusinessDictionarycom httpwwwbusinessdictionarycomdefinition-organizational-leadershiphtmlChamberlain G P (2010) Understanding strategy Charleston NC Create SpaceCorreia Z amp Wilson T D (1997) Scanning the business environment for information A grounded theory approach Information Research 2(4) April Retrieved from httpwwwinformationrnetir2-4paper21html Costa J (1997) A study of strategic planning and environmental scanning in the multi-unit Portuguese hotel sector A Thesis Submitted in Fulfillment of the Requirements for the Award of PhD Degree May Department of Management studies University of Surrey UKgtDavid F R (2008) Concepts of strategic management (6th Edition) Upper Saddle River NJ Prince-HallDess G G (2006) Consensus on strategy formulation and organizational performance Competitors in a fragmented industry Strategic Management Journal November 8 DOI 101002smj4250080305Ellerby L (2009) Analysis plus synthesis Turning data into insights UX Matters April 27 Retrieved from httpwwwuxmatterscomauthorsarchives200703lindsay_ellerbyphp Freedman L (2013) Strategy Oxford UK Oxford University PressGrant R M (2001) The resource-based theory of competitive advantage Implications for strategy formulation California Management Review Spring 1991___________ (2010) Analyzing the industry environment In Mazzucato M (ed) Strategy for business A reader London SAGE PublicationsHashemi N F Masdeh M M Razeghi A amp Rahimian A (2012) Formulating and choosing strategies using SWOT analysis and QSPM matrix A case study of Hamadan Glass CompanyHarvard Business School Review (HBR) Blog Network httpblogshbrorg Hill C W Jones G R amp Schilling M A (2015) Strategic management theory (11th Edition) London UK Cengage LearningKeeley E T (n d) How to conduct a SWOT analysis [Online] Retrieved from httpoieekuedusitesoieekuedufilesfilesSWOT20Analysispdf 10 April 2016
bull Kvint V (2009) The global emerging market Strategic management and economics New York NY Routledge Publishing Li Y Guohu S amp Eppler M J (2008) Making strategy work A literature review on factors influencing strategy implementation ICA Working Papers 22008 Institute for Corporate Communication Lugano SwitzerlandMichael Porter (nd) BrainyQuotecom Retrieved April 7 2016 from BrainyQuotecom Web site httpwwwbrainyquotecomquotesquotesmmichaelpor378202html Mitchell R C (2009) Strategy formulation [Online] Retrieved from httpwwwsaylororgsitewp-contentuploads201304BUS300-23_Strategy-Formulationpdf 10 April 2016Mintzberg H amp Quinn J B (1996) The strategy process Concepts contexts cases Upper Saddle River NJ Prentice HallMintzberg H (1978) Patterns in strategy formation Management Science 24(9) 934-948Nabradi A (nd) Strategic management process strategy formulation [Online] Retrieved from httpwwwagrunizghrmultimediapdfstrategic_mgmt_2pdfParnell J A (2005) Strategic philosophy and management level Management Decision 3(2) 157-170 Retrieved from httpwwwemeraldinsightcom00251747htm Porter M E (1991) Towards a dynamic theory of strategy Strategic Management Journal 12(S2) 95-117 Winter DOI101002smj4250121008 Porter M E (2010) What is strategy In Mazzucato M (ed) Strategy for business A reader London SAGE PublicationsRyan R (2013) Cochrane consumers and communication review group Data synthesis and analysis Cochrane Consumers and Communication Review Group June Retrieved from httpccorgcochraneorg Scouller J (2011) Three levels of leadership How to develop your leadership presence knowhow and skills Cirencester UK Management Books 2000Theocharopoulos M (2012) Strategy formulation using SWOT Retrieved from httpwwwslidesharenetmanostheocharopoulosstrategy-formulation-using-swot-15650383Ulwick A W (1999) Business strategy formulation Theory process and the intellectual revolution London UK Quorum BooksVasile T amp Iancu A (2009) A model of the strategic management processVatchkova E (2012) Contents historical development of strategy Strategic management Retrieved from httpwwwiucedueugroupmba_learning2012STRATMANEV-L1-introductionpdfWilliam E Rothschild W E (nd) httpwwwazquotescompicture-quotes Yarger H R (2006) Strategic theory for the 21st century The little book for big strategy Strategic Studies Institute Retrieved from httpwwwStrategicStudiesInstitutearmymil Yousuf M (2016) The nature of strategic management Chapter I What is strategic management Academia httpswwwacademiaedu6349510THE_NATURE_OF_STRATEGIC_MANAGEMENT_I_WHAT_IS_STRATEGIC_MANAGEMENTZan L (1990) Looking for theories in strategy studies Scandinavian Journal of Management 6(2) 89-108 httpwwwsciencedirectcomsciencearticlepii095652219090018C Zhang X Majid S amp Foo S (2010) Environmental scanning An application of information literacy skills at the work place Journal of Information Science 36(6) 719-732 DOI1011771065551510385644 httpwwwquotelandcomauthorRobert-J-Mckain-Quotes6434httpspcscaliforniaincwordpresscomcategorygeneral-management-workshop httpwwwcivilserviceindiacomsubjectManagementnotesnature-and-scope-of-strategic-managementhtml
A Theoretical Frameworkbull Yarger (2006) provides theories of action to the 21st
century organizational leadership in his work lsquoThe Little Book on Big Strategyrsquo
bull Chamberlain (2010) reviews past trends and treat left-over areas including concepts forces process and mechanisms by with strategy can take effect
bull Theories on strategy formulation are inclined to interactive nature of its components for rational propositions
bull Theoretical framework for this paper presupposes the correlation of strategic formulation components of data synthesis environmental scanning and SWOT analysis
Problem Statement
bull The use of strategy is avail to management process of organizations in the systematic incorporation of scientific observations and methods in formulating plans derived from mission and vision statements
bull Strategy formulation poses prospects as much as challenges to organizational leadership in the strategic management process
bull There is the need for middle and higher executives of organization to be acquainted with the rigours of conducting the strategy formation process
Points of Inquiry
bull To conceptualize strategy formulation and its major components
bull To itemize and correlate data synthesis environmental scanning and SWOT analysis in strategy formulation
bull To establish strategy formulation as starting point of the strategic management process or planning
bull To explain the conduct of strategy formulation as tool for organizational leadership and
bull To draw conclusion and suggest the way forward for success and survival of organizations
CONCEPTUAL FRAMEWORK
Strategy
bull Strategy focuses on possible courses of decisions and action utilizing available resources and determined by environmental influence
bull It is the practice of higher level plans or leadership in achieving set goals of organizations under ever changing situations or environments
bull It also involves patterns in streams of decisions and actions that shape the future into desirable ends by means of available resources (Mintzberg 1978 Mintzberg amp Quinn 1996 Kvint 2009 Freedman 2013)
Strategy Formulation
bull Strategy formulation is the task of analyzing the organizationrsquos internal and external environments and selecting or devising appropriate plans or strategies in setting goals or objectives and ways of achieving them
bull It involves the establishment or adjustment of mission and vision statements environmental analysis or scanning setting goals or objectives and the ways and means for attainment (Nabradi nd Mitchell 2009)
bull It is a living document that changes and grows time or events
Data Synthesis
bull Data is a body of factual information assembled for use in planning decision making or drawing conclusions
bull Synthesis refers to result of combination of different ideas influences or data for the purpose of producing structures or relationships known as formulation
bull Data Synthesis combines outcomes from different assumptions on overall effects of particular intervention to arrive at clear pattern for decision and action (Ellerby 2009 Berg 2013 Ryan 2013)
Environmental Scanning
bull Environment is the surrounding influence settings situation atmosphere background conditions or circumstances which determining the activities or fate of any given venture
bull Scanning refers to detailed or thorough examination of the environment for the purpose of extracting much needed data
bull Environmental Scanning is the systematic process of close monitoring for environmental signals for use in strategic decision making action or formulation of tasks (Zhang Majid amp Foo 2010)
SWOT Analysis
bull SWOT analysis is a veritable instrument or method of strategic planning use in strategy formulation
bull It evaluates strengths or advantages over others weaknesses or disadvantages relative to others opportunities or chances for progress and threats or causes for concern
bull It is the work room of strategy formulation where results of data synthesis and environmental scanning are put together for evaluation
bull It is used to identify and align strategies to available resources and capabilities to realities of the environment
Organizational Leadership
bull Organizational leadership is the management staff that provides inspiration objectives operational oversight and other administrative services to the organization often seen in Mission and Vision Statements (BusinessDictionarycom)
Strategic Management Process
bull The strategic management process (SMP) is an objective logical systematic and continuous approach for making major decisions and taking actions in an organization (Yousuf 2016)
bull It is defined as a dynamic process of strategy formulation implementation evaluation and control (Parnell 2005 David 2008 Vasile amp Iancu 2009 Vatchkova 2010 Hill Jones amp Schilling 2015 Yousuf 2016)
STRATEGIC FORMULATION AND
DATA SYNTHESIS
The Sense in Data
bull Data is most crucial in the process of choosing appropriate courses of action towards defined goals
bull Strategy formulation relies heavily on data for planning decision making and action for overall effects (Ellerby 2009)
bull Strategic control can only be achieved by data synthesis in which information is gathered refined applied and reviewed systematically over time (Ulwick 1999)
Data Synthesis in Strategic Formulation
bull Data Synthesis examines and infers relationships among sources in a clear obvious and definite format for useful in strategic formulation
bull It combines information and ideas to create and develop more ideas better focus wider perspective in an impending strategic formulation cycle
bull Output of data synthesis is useful for core insight critical thinking and testing of ideas in making next moves
bull These turn out good analysis as well as what to do next in strategy formulation towards set objectives
STRATEGIC FORMULATION AND
ENVIRONMENTAL SCANNING
The Keen Eyes of Strategy
bull Strategy requires keen sense balanced mind fast thinking quick response and accurate moves
bull Visual thinking improves mental attention skills associated with environmental scanning (Bohannon 2009)
bull A corresponding example of the keen eyes of strategy is seen in the sharp sense and high aptitude of expert computer gamers
Environmental Scanning in Strategic Formulation
bull As organizational environment increasingly become uncertain and complex environmental scanning enables organizations to detect change and formulate adaptive strategies (Zhang Majid amp Foo 2010)
bull In strategic sense environmental scanning is also about mastering the immediate locality to national regional and global surroundings within which the organization operates
bull It includes scanning strategies internal factors and perceived change leading to purposive strategy formulation
STRATEGIC FORMULATION AND
SWOT ANALYSIS
SWOT Analysis in Strategic Formulation
bull The process of taking stock of activities requires thorough examination of internal status and external context of organizations (Keeley nd)
bull SWOT analysis allows organizations to recognize themselves and their surrounding environments in order to plan implement and monitor their strategies (Hashemi et al 2012)
bull Strategy formulation is concerned with areas of strengths or advantages contributions of external factors or opportunities as well as watching for internal weaknesses and external threats
STRATEGY FORMULATION AS STRATEGIC TOOL OF
ORGANIZATIONAL LEADERSHIP
Strategy Formulation as Leadership Instrument
bull Strategy is ldquothe match an organization makes between its internal resources and skills and the opportunities and risks created by its external environmentrdquo (Grant 2001 p 114)
bull The strategic formulation cycle consisting of data synthesis environmental scanning and SWOT analysis submits to continuous review
bull It is an effective instrument of organizational leadership for effective and efficient attainment of mission and vision
Strategy Formulation and Organizational Performance
bull Consensus on objectives or methods and collaboration amongst management team members positively relates to organizational performance (Dess 2006)
bull Leadership has great influence on organizational performance particular as it relates to strategy formulation and day to day decision making actions
bull All these are tied to the cycle of vision mission and strategy formulation leading to action plan
CONCLUSION
Summary
bull The paper conceptualizes strategy formulation and its major components and discusses and correlates data synthesis environmental scanning and SWOT analysis in strategy formulation
bull It establishes strategy formulation as starting point of the strategic management process or planning and explains the conduct of strategy formulation as tool for organizational leadership
Conclusion
bull The strategy formulation is proposed as a crucial organizational leadership instrument of the strategic management process with illustrations
bull The paper draws conclusions on the foundational value and contribution of strategy formulation in the strategic management process
Recommendations
bull It strongly recommends knowledge and skills on strategy formulation and strategic management process for middle and higher executive who constitute organizational leadership
bull A simulation exercise is designed to practice on the application of strategy formulation in real world situations
SIMULATION EXERCISE
Groups of Course Participants are to prepare Strategy Formulation Schedule for the National Institute for Policy and Strategic Studies from the amended Mission and Vision of previous Exercise
ReferenceAcur N amp Englyst L (2006) Assessment of strategy formulation How to ensure quality in process and outcome International Journal of Operations and Production Management 26(1) 69-91Barney J B (1086) Types of competition and the theory of strategy Toward an integrative framework Academy of Management Review 11(4) 791-800 Retrieved from httpamraomorgcontent114791short Berg T M W Heymanns S S Leone D Vergouw J A Hayden A P Verhagen amp H Vet (2013) Overview of data-synthesis in systematic reviews of studies on outcome prediction BMC Medical Research Methodologies BMC Series Retrieved from httpbmcmmedresmethodolbiomedcentralcomarticles1011861471-2288-13-42 Bohannon J (2009) The keen eyes of a gamer Science March 30 [Online] American Association for Advancement of Science (AAAS) Retrieved from httpsciencemagorg 10 April 2016Bordean O Borza A Rus C amp Mitra C (2010) An investigation on the strategy formulation process within the Roman companies Managerial Challenges of the Contemporary Society Proceedings 26-31BusinessDictionarycom httpwwwbusinessdictionarycomdefinition-organizational-leadershiphtmlChamberlain G P (2010) Understanding strategy Charleston NC Create SpaceCorreia Z amp Wilson T D (1997) Scanning the business environment for information A grounded theory approach Information Research 2(4) April Retrieved from httpwwwinformationrnetir2-4paper21html Costa J (1997) A study of strategic planning and environmental scanning in the multi-unit Portuguese hotel sector A Thesis Submitted in Fulfillment of the Requirements for the Award of PhD Degree May Department of Management studies University of Surrey UKgtDavid F R (2008) Concepts of strategic management (6th Edition) Upper Saddle River NJ Prince-HallDess G G (2006) Consensus on strategy formulation and organizational performance Competitors in a fragmented industry Strategic Management Journal November 8 DOI 101002smj4250080305Ellerby L (2009) Analysis plus synthesis Turning data into insights UX Matters April 27 Retrieved from httpwwwuxmatterscomauthorsarchives200703lindsay_ellerbyphp Freedman L (2013) Strategy Oxford UK Oxford University PressGrant R M (2001) The resource-based theory of competitive advantage Implications for strategy formulation California Management Review Spring 1991___________ (2010) Analyzing the industry environment In Mazzucato M (ed) Strategy for business A reader London SAGE PublicationsHashemi N F Masdeh M M Razeghi A amp Rahimian A (2012) Formulating and choosing strategies using SWOT analysis and QSPM matrix A case study of Hamadan Glass CompanyHarvard Business School Review (HBR) Blog Network httpblogshbrorg Hill C W Jones G R amp Schilling M A (2015) Strategic management theory (11th Edition) London UK Cengage LearningKeeley E T (n d) How to conduct a SWOT analysis [Online] Retrieved from httpoieekuedusitesoieekuedufilesfilesSWOT20Analysispdf 10 April 2016
bull Kvint V (2009) The global emerging market Strategic management and economics New York NY Routledge Publishing Li Y Guohu S amp Eppler M J (2008) Making strategy work A literature review on factors influencing strategy implementation ICA Working Papers 22008 Institute for Corporate Communication Lugano SwitzerlandMichael Porter (nd) BrainyQuotecom Retrieved April 7 2016 from BrainyQuotecom Web site httpwwwbrainyquotecomquotesquotesmmichaelpor378202html Mitchell R C (2009) Strategy formulation [Online] Retrieved from httpwwwsaylororgsitewp-contentuploads201304BUS300-23_Strategy-Formulationpdf 10 April 2016Mintzberg H amp Quinn J B (1996) The strategy process Concepts contexts cases Upper Saddle River NJ Prentice HallMintzberg H (1978) Patterns in strategy formation Management Science 24(9) 934-948Nabradi A (nd) Strategic management process strategy formulation [Online] Retrieved from httpwwwagrunizghrmultimediapdfstrategic_mgmt_2pdfParnell J A (2005) Strategic philosophy and management level Management Decision 3(2) 157-170 Retrieved from httpwwwemeraldinsightcom00251747htm Porter M E (1991) Towards a dynamic theory of strategy Strategic Management Journal 12(S2) 95-117 Winter DOI101002smj4250121008 Porter M E (2010) What is strategy In Mazzucato M (ed) Strategy for business A reader London SAGE PublicationsRyan R (2013) Cochrane consumers and communication review group Data synthesis and analysis Cochrane Consumers and Communication Review Group June Retrieved from httpccorgcochraneorg Scouller J (2011) Three levels of leadership How to develop your leadership presence knowhow and skills Cirencester UK Management Books 2000Theocharopoulos M (2012) Strategy formulation using SWOT Retrieved from httpwwwslidesharenetmanostheocharopoulosstrategy-formulation-using-swot-15650383Ulwick A W (1999) Business strategy formulation Theory process and the intellectual revolution London UK Quorum BooksVasile T amp Iancu A (2009) A model of the strategic management processVatchkova E (2012) Contents historical development of strategy Strategic management Retrieved from httpwwwiucedueugroupmba_learning2012STRATMANEV-L1-introductionpdfWilliam E Rothschild W E (nd) httpwwwazquotescompicture-quotes Yarger H R (2006) Strategic theory for the 21st century The little book for big strategy Strategic Studies Institute Retrieved from httpwwwStrategicStudiesInstitutearmymil Yousuf M (2016) The nature of strategic management Chapter I What is strategic management Academia httpswwwacademiaedu6349510THE_NATURE_OF_STRATEGIC_MANAGEMENT_I_WHAT_IS_STRATEGIC_MANAGEMENTZan L (1990) Looking for theories in strategy studies Scandinavian Journal of Management 6(2) 89-108 httpwwwsciencedirectcomsciencearticlepii095652219090018C Zhang X Majid S amp Foo S (2010) Environmental scanning An application of information literacy skills at the work place Journal of Information Science 36(6) 719-732 DOI1011771065551510385644 httpwwwquotelandcomauthorRobert-J-Mckain-Quotes6434httpspcscaliforniaincwordpresscomcategorygeneral-management-workshop httpwwwcivilserviceindiacomsubjectManagementnotesnature-and-scope-of-strategic-managementhtml
Problem Statement
bull The use of strategy is avail to management process of organizations in the systematic incorporation of scientific observations and methods in formulating plans derived from mission and vision statements
bull Strategy formulation poses prospects as much as challenges to organizational leadership in the strategic management process
bull There is the need for middle and higher executives of organization to be acquainted with the rigours of conducting the strategy formation process
Points of Inquiry
bull To conceptualize strategy formulation and its major components
bull To itemize and correlate data synthesis environmental scanning and SWOT analysis in strategy formulation
bull To establish strategy formulation as starting point of the strategic management process or planning
bull To explain the conduct of strategy formulation as tool for organizational leadership and
bull To draw conclusion and suggest the way forward for success and survival of organizations
CONCEPTUAL FRAMEWORK
Strategy
bull Strategy focuses on possible courses of decisions and action utilizing available resources and determined by environmental influence
bull It is the practice of higher level plans or leadership in achieving set goals of organizations under ever changing situations or environments
bull It also involves patterns in streams of decisions and actions that shape the future into desirable ends by means of available resources (Mintzberg 1978 Mintzberg amp Quinn 1996 Kvint 2009 Freedman 2013)
Strategy Formulation
bull Strategy formulation is the task of analyzing the organizationrsquos internal and external environments and selecting or devising appropriate plans or strategies in setting goals or objectives and ways of achieving them
bull It involves the establishment or adjustment of mission and vision statements environmental analysis or scanning setting goals or objectives and the ways and means for attainment (Nabradi nd Mitchell 2009)
bull It is a living document that changes and grows time or events
Data Synthesis
bull Data is a body of factual information assembled for use in planning decision making or drawing conclusions
bull Synthesis refers to result of combination of different ideas influences or data for the purpose of producing structures or relationships known as formulation
bull Data Synthesis combines outcomes from different assumptions on overall effects of particular intervention to arrive at clear pattern for decision and action (Ellerby 2009 Berg 2013 Ryan 2013)
Environmental Scanning
bull Environment is the surrounding influence settings situation atmosphere background conditions or circumstances which determining the activities or fate of any given venture
bull Scanning refers to detailed or thorough examination of the environment for the purpose of extracting much needed data
bull Environmental Scanning is the systematic process of close monitoring for environmental signals for use in strategic decision making action or formulation of tasks (Zhang Majid amp Foo 2010)
SWOT Analysis
bull SWOT analysis is a veritable instrument or method of strategic planning use in strategy formulation
bull It evaluates strengths or advantages over others weaknesses or disadvantages relative to others opportunities or chances for progress and threats or causes for concern
bull It is the work room of strategy formulation where results of data synthesis and environmental scanning are put together for evaluation
bull It is used to identify and align strategies to available resources and capabilities to realities of the environment
Organizational Leadership
bull Organizational leadership is the management staff that provides inspiration objectives operational oversight and other administrative services to the organization often seen in Mission and Vision Statements (BusinessDictionarycom)
Strategic Management Process
bull The strategic management process (SMP) is an objective logical systematic and continuous approach for making major decisions and taking actions in an organization (Yousuf 2016)
bull It is defined as a dynamic process of strategy formulation implementation evaluation and control (Parnell 2005 David 2008 Vasile amp Iancu 2009 Vatchkova 2010 Hill Jones amp Schilling 2015 Yousuf 2016)
STRATEGIC FORMULATION AND
DATA SYNTHESIS
The Sense in Data
bull Data is most crucial in the process of choosing appropriate courses of action towards defined goals
bull Strategy formulation relies heavily on data for planning decision making and action for overall effects (Ellerby 2009)
bull Strategic control can only be achieved by data synthesis in which information is gathered refined applied and reviewed systematically over time (Ulwick 1999)
Data Synthesis in Strategic Formulation
bull Data Synthesis examines and infers relationships among sources in a clear obvious and definite format for useful in strategic formulation
bull It combines information and ideas to create and develop more ideas better focus wider perspective in an impending strategic formulation cycle
bull Output of data synthesis is useful for core insight critical thinking and testing of ideas in making next moves
bull These turn out good analysis as well as what to do next in strategy formulation towards set objectives
STRATEGIC FORMULATION AND
ENVIRONMENTAL SCANNING
The Keen Eyes of Strategy
bull Strategy requires keen sense balanced mind fast thinking quick response and accurate moves
bull Visual thinking improves mental attention skills associated with environmental scanning (Bohannon 2009)
bull A corresponding example of the keen eyes of strategy is seen in the sharp sense and high aptitude of expert computer gamers
Environmental Scanning in Strategic Formulation
bull As organizational environment increasingly become uncertain and complex environmental scanning enables organizations to detect change and formulate adaptive strategies (Zhang Majid amp Foo 2010)
bull In strategic sense environmental scanning is also about mastering the immediate locality to national regional and global surroundings within which the organization operates
bull It includes scanning strategies internal factors and perceived change leading to purposive strategy formulation
STRATEGIC FORMULATION AND
SWOT ANALYSIS
SWOT Analysis in Strategic Formulation
bull The process of taking stock of activities requires thorough examination of internal status and external context of organizations (Keeley nd)
bull SWOT analysis allows organizations to recognize themselves and their surrounding environments in order to plan implement and monitor their strategies (Hashemi et al 2012)
bull Strategy formulation is concerned with areas of strengths or advantages contributions of external factors or opportunities as well as watching for internal weaknesses and external threats
STRATEGY FORMULATION AS STRATEGIC TOOL OF
ORGANIZATIONAL LEADERSHIP
Strategy Formulation as Leadership Instrument
bull Strategy is ldquothe match an organization makes between its internal resources and skills and the opportunities and risks created by its external environmentrdquo (Grant 2001 p 114)
bull The strategic formulation cycle consisting of data synthesis environmental scanning and SWOT analysis submits to continuous review
bull It is an effective instrument of organizational leadership for effective and efficient attainment of mission and vision
Strategy Formulation and Organizational Performance
bull Consensus on objectives or methods and collaboration amongst management team members positively relates to organizational performance (Dess 2006)
bull Leadership has great influence on organizational performance particular as it relates to strategy formulation and day to day decision making actions
bull All these are tied to the cycle of vision mission and strategy formulation leading to action plan
CONCLUSION
Summary
bull The paper conceptualizes strategy formulation and its major components and discusses and correlates data synthesis environmental scanning and SWOT analysis in strategy formulation
bull It establishes strategy formulation as starting point of the strategic management process or planning and explains the conduct of strategy formulation as tool for organizational leadership
Conclusion
bull The strategy formulation is proposed as a crucial organizational leadership instrument of the strategic management process with illustrations
bull The paper draws conclusions on the foundational value and contribution of strategy formulation in the strategic management process
Recommendations
bull It strongly recommends knowledge and skills on strategy formulation and strategic management process for middle and higher executive who constitute organizational leadership
bull A simulation exercise is designed to practice on the application of strategy formulation in real world situations
SIMULATION EXERCISE
Groups of Course Participants are to prepare Strategy Formulation Schedule for the National Institute for Policy and Strategic Studies from the amended Mission and Vision of previous Exercise
ReferenceAcur N amp Englyst L (2006) Assessment of strategy formulation How to ensure quality in process and outcome International Journal of Operations and Production Management 26(1) 69-91Barney J B (1086) Types of competition and the theory of strategy Toward an integrative framework Academy of Management Review 11(4) 791-800 Retrieved from httpamraomorgcontent114791short Berg T M W Heymanns S S Leone D Vergouw J A Hayden A P Verhagen amp H Vet (2013) Overview of data-synthesis in systematic reviews of studies on outcome prediction BMC Medical Research Methodologies BMC Series Retrieved from httpbmcmmedresmethodolbiomedcentralcomarticles1011861471-2288-13-42 Bohannon J (2009) The keen eyes of a gamer Science March 30 [Online] American Association for Advancement of Science (AAAS) Retrieved from httpsciencemagorg 10 April 2016Bordean O Borza A Rus C amp Mitra C (2010) An investigation on the strategy formulation process within the Roman companies Managerial Challenges of the Contemporary Society Proceedings 26-31BusinessDictionarycom httpwwwbusinessdictionarycomdefinition-organizational-leadershiphtmlChamberlain G P (2010) Understanding strategy Charleston NC Create SpaceCorreia Z amp Wilson T D (1997) Scanning the business environment for information A grounded theory approach Information Research 2(4) April Retrieved from httpwwwinformationrnetir2-4paper21html Costa J (1997) A study of strategic planning and environmental scanning in the multi-unit Portuguese hotel sector A Thesis Submitted in Fulfillment of the Requirements for the Award of PhD Degree May Department of Management studies University of Surrey UKgtDavid F R (2008) Concepts of strategic management (6th Edition) Upper Saddle River NJ Prince-HallDess G G (2006) Consensus on strategy formulation and organizational performance Competitors in a fragmented industry Strategic Management Journal November 8 DOI 101002smj4250080305Ellerby L (2009) Analysis plus synthesis Turning data into insights UX Matters April 27 Retrieved from httpwwwuxmatterscomauthorsarchives200703lindsay_ellerbyphp Freedman L (2013) Strategy Oxford UK Oxford University PressGrant R M (2001) The resource-based theory of competitive advantage Implications for strategy formulation California Management Review Spring 1991___________ (2010) Analyzing the industry environment In Mazzucato M (ed) Strategy for business A reader London SAGE PublicationsHashemi N F Masdeh M M Razeghi A amp Rahimian A (2012) Formulating and choosing strategies using SWOT analysis and QSPM matrix A case study of Hamadan Glass CompanyHarvard Business School Review (HBR) Blog Network httpblogshbrorg Hill C W Jones G R amp Schilling M A (2015) Strategic management theory (11th Edition) London UK Cengage LearningKeeley E T (n d) How to conduct a SWOT analysis [Online] Retrieved from httpoieekuedusitesoieekuedufilesfilesSWOT20Analysispdf 10 April 2016
bull Kvint V (2009) The global emerging market Strategic management and economics New York NY Routledge Publishing Li Y Guohu S amp Eppler M J (2008) Making strategy work A literature review on factors influencing strategy implementation ICA Working Papers 22008 Institute for Corporate Communication Lugano SwitzerlandMichael Porter (nd) BrainyQuotecom Retrieved April 7 2016 from BrainyQuotecom Web site httpwwwbrainyquotecomquotesquotesmmichaelpor378202html Mitchell R C (2009) Strategy formulation [Online] Retrieved from httpwwwsaylororgsitewp-contentuploads201304BUS300-23_Strategy-Formulationpdf 10 April 2016Mintzberg H amp Quinn J B (1996) The strategy process Concepts contexts cases Upper Saddle River NJ Prentice HallMintzberg H (1978) Patterns in strategy formation Management Science 24(9) 934-948Nabradi A (nd) Strategic management process strategy formulation [Online] Retrieved from httpwwwagrunizghrmultimediapdfstrategic_mgmt_2pdfParnell J A (2005) Strategic philosophy and management level Management Decision 3(2) 157-170 Retrieved from httpwwwemeraldinsightcom00251747htm Porter M E (1991) Towards a dynamic theory of strategy Strategic Management Journal 12(S2) 95-117 Winter DOI101002smj4250121008 Porter M E (2010) What is strategy In Mazzucato M (ed) Strategy for business A reader London SAGE PublicationsRyan R (2013) Cochrane consumers and communication review group Data synthesis and analysis Cochrane Consumers and Communication Review Group June Retrieved from httpccorgcochraneorg Scouller J (2011) Three levels of leadership How to develop your leadership presence knowhow and skills Cirencester UK Management Books 2000Theocharopoulos M (2012) Strategy formulation using SWOT Retrieved from httpwwwslidesharenetmanostheocharopoulosstrategy-formulation-using-swot-15650383Ulwick A W (1999) Business strategy formulation Theory process and the intellectual revolution London UK Quorum BooksVasile T amp Iancu A (2009) A model of the strategic management processVatchkova E (2012) Contents historical development of strategy Strategic management Retrieved from httpwwwiucedueugroupmba_learning2012STRATMANEV-L1-introductionpdfWilliam E Rothschild W E (nd) httpwwwazquotescompicture-quotes Yarger H R (2006) Strategic theory for the 21st century The little book for big strategy Strategic Studies Institute Retrieved from httpwwwStrategicStudiesInstitutearmymil Yousuf M (2016) The nature of strategic management Chapter I What is strategic management Academia httpswwwacademiaedu6349510THE_NATURE_OF_STRATEGIC_MANAGEMENT_I_WHAT_IS_STRATEGIC_MANAGEMENTZan L (1990) Looking for theories in strategy studies Scandinavian Journal of Management 6(2) 89-108 httpwwwsciencedirectcomsciencearticlepii095652219090018C Zhang X Majid S amp Foo S (2010) Environmental scanning An application of information literacy skills at the work place Journal of Information Science 36(6) 719-732 DOI1011771065551510385644 httpwwwquotelandcomauthorRobert-J-Mckain-Quotes6434httpspcscaliforniaincwordpresscomcategorygeneral-management-workshop httpwwwcivilserviceindiacomsubjectManagementnotesnature-and-scope-of-strategic-managementhtml
Points of Inquiry
bull To conceptualize strategy formulation and its major components
bull To itemize and correlate data synthesis environmental scanning and SWOT analysis in strategy formulation
bull To establish strategy formulation as starting point of the strategic management process or planning
bull To explain the conduct of strategy formulation as tool for organizational leadership and
bull To draw conclusion and suggest the way forward for success and survival of organizations
CONCEPTUAL FRAMEWORK
Strategy
bull Strategy focuses on possible courses of decisions and action utilizing available resources and determined by environmental influence
bull It is the practice of higher level plans or leadership in achieving set goals of organizations under ever changing situations or environments
bull It also involves patterns in streams of decisions and actions that shape the future into desirable ends by means of available resources (Mintzberg 1978 Mintzberg amp Quinn 1996 Kvint 2009 Freedman 2013)
Strategy Formulation
bull Strategy formulation is the task of analyzing the organizationrsquos internal and external environments and selecting or devising appropriate plans or strategies in setting goals or objectives and ways of achieving them
bull It involves the establishment or adjustment of mission and vision statements environmental analysis or scanning setting goals or objectives and the ways and means for attainment (Nabradi nd Mitchell 2009)
bull It is a living document that changes and grows time or events
Data Synthesis
bull Data is a body of factual information assembled for use in planning decision making or drawing conclusions
bull Synthesis refers to result of combination of different ideas influences or data for the purpose of producing structures or relationships known as formulation
bull Data Synthesis combines outcomes from different assumptions on overall effects of particular intervention to arrive at clear pattern for decision and action (Ellerby 2009 Berg 2013 Ryan 2013)
Environmental Scanning
bull Environment is the surrounding influence settings situation atmosphere background conditions or circumstances which determining the activities or fate of any given venture
bull Scanning refers to detailed or thorough examination of the environment for the purpose of extracting much needed data
bull Environmental Scanning is the systematic process of close monitoring for environmental signals for use in strategic decision making action or formulation of tasks (Zhang Majid amp Foo 2010)
SWOT Analysis
bull SWOT analysis is a veritable instrument or method of strategic planning use in strategy formulation
bull It evaluates strengths or advantages over others weaknesses or disadvantages relative to others opportunities or chances for progress and threats or causes for concern
bull It is the work room of strategy formulation where results of data synthesis and environmental scanning are put together for evaluation
bull It is used to identify and align strategies to available resources and capabilities to realities of the environment
Organizational Leadership
bull Organizational leadership is the management staff that provides inspiration objectives operational oversight and other administrative services to the organization often seen in Mission and Vision Statements (BusinessDictionarycom)
Strategic Management Process
bull The strategic management process (SMP) is an objective logical systematic and continuous approach for making major decisions and taking actions in an organization (Yousuf 2016)
bull It is defined as a dynamic process of strategy formulation implementation evaluation and control (Parnell 2005 David 2008 Vasile amp Iancu 2009 Vatchkova 2010 Hill Jones amp Schilling 2015 Yousuf 2016)
STRATEGIC FORMULATION AND
DATA SYNTHESIS
The Sense in Data
bull Data is most crucial in the process of choosing appropriate courses of action towards defined goals
bull Strategy formulation relies heavily on data for planning decision making and action for overall effects (Ellerby 2009)
bull Strategic control can only be achieved by data synthesis in which information is gathered refined applied and reviewed systematically over time (Ulwick 1999)
Data Synthesis in Strategic Formulation
bull Data Synthesis examines and infers relationships among sources in a clear obvious and definite format for useful in strategic formulation
bull It combines information and ideas to create and develop more ideas better focus wider perspective in an impending strategic formulation cycle
bull Output of data synthesis is useful for core insight critical thinking and testing of ideas in making next moves
bull These turn out good analysis as well as what to do next in strategy formulation towards set objectives
STRATEGIC FORMULATION AND
ENVIRONMENTAL SCANNING
The Keen Eyes of Strategy
bull Strategy requires keen sense balanced mind fast thinking quick response and accurate moves
bull Visual thinking improves mental attention skills associated with environmental scanning (Bohannon 2009)
bull A corresponding example of the keen eyes of strategy is seen in the sharp sense and high aptitude of expert computer gamers
Environmental Scanning in Strategic Formulation
bull As organizational environment increasingly become uncertain and complex environmental scanning enables organizations to detect change and formulate adaptive strategies (Zhang Majid amp Foo 2010)
bull In strategic sense environmental scanning is also about mastering the immediate locality to national regional and global surroundings within which the organization operates
bull It includes scanning strategies internal factors and perceived change leading to purposive strategy formulation
STRATEGIC FORMULATION AND
SWOT ANALYSIS
SWOT Analysis in Strategic Formulation
bull The process of taking stock of activities requires thorough examination of internal status and external context of organizations (Keeley nd)
bull SWOT analysis allows organizations to recognize themselves and their surrounding environments in order to plan implement and monitor their strategies (Hashemi et al 2012)
bull Strategy formulation is concerned with areas of strengths or advantages contributions of external factors or opportunities as well as watching for internal weaknesses and external threats
STRATEGY FORMULATION AS STRATEGIC TOOL OF
ORGANIZATIONAL LEADERSHIP
Strategy Formulation as Leadership Instrument
bull Strategy is ldquothe match an organization makes between its internal resources and skills and the opportunities and risks created by its external environmentrdquo (Grant 2001 p 114)
bull The strategic formulation cycle consisting of data synthesis environmental scanning and SWOT analysis submits to continuous review
bull It is an effective instrument of organizational leadership for effective and efficient attainment of mission and vision
Strategy Formulation and Organizational Performance
bull Consensus on objectives or methods and collaboration amongst management team members positively relates to organizational performance (Dess 2006)
bull Leadership has great influence on organizational performance particular as it relates to strategy formulation and day to day decision making actions
bull All these are tied to the cycle of vision mission and strategy formulation leading to action plan
CONCLUSION
Summary
bull The paper conceptualizes strategy formulation and its major components and discusses and correlates data synthesis environmental scanning and SWOT analysis in strategy formulation
bull It establishes strategy formulation as starting point of the strategic management process or planning and explains the conduct of strategy formulation as tool for organizational leadership
Conclusion
bull The strategy formulation is proposed as a crucial organizational leadership instrument of the strategic management process with illustrations
bull The paper draws conclusions on the foundational value and contribution of strategy formulation in the strategic management process
Recommendations
bull It strongly recommends knowledge and skills on strategy formulation and strategic management process for middle and higher executive who constitute organizational leadership
bull A simulation exercise is designed to practice on the application of strategy formulation in real world situations
SIMULATION EXERCISE
Groups of Course Participants are to prepare Strategy Formulation Schedule for the National Institute for Policy and Strategic Studies from the amended Mission and Vision of previous Exercise
ReferenceAcur N amp Englyst L (2006) Assessment of strategy formulation How to ensure quality in process and outcome International Journal of Operations and Production Management 26(1) 69-91Barney J B (1086) Types of competition and the theory of strategy Toward an integrative framework Academy of Management Review 11(4) 791-800 Retrieved from httpamraomorgcontent114791short Berg T M W Heymanns S S Leone D Vergouw J A Hayden A P Verhagen amp H Vet (2013) Overview of data-synthesis in systematic reviews of studies on outcome prediction BMC Medical Research Methodologies BMC Series Retrieved from httpbmcmmedresmethodolbiomedcentralcomarticles1011861471-2288-13-42 Bohannon J (2009) The keen eyes of a gamer Science March 30 [Online] American Association for Advancement of Science (AAAS) Retrieved from httpsciencemagorg 10 April 2016Bordean O Borza A Rus C amp Mitra C (2010) An investigation on the strategy formulation process within the Roman companies Managerial Challenges of the Contemporary Society Proceedings 26-31BusinessDictionarycom httpwwwbusinessdictionarycomdefinition-organizational-leadershiphtmlChamberlain G P (2010) Understanding strategy Charleston NC Create SpaceCorreia Z amp Wilson T D (1997) Scanning the business environment for information A grounded theory approach Information Research 2(4) April Retrieved from httpwwwinformationrnetir2-4paper21html Costa J (1997) A study of strategic planning and environmental scanning in the multi-unit Portuguese hotel sector A Thesis Submitted in Fulfillment of the Requirements for the Award of PhD Degree May Department of Management studies University of Surrey UKgtDavid F R (2008) Concepts of strategic management (6th Edition) Upper Saddle River NJ Prince-HallDess G G (2006) Consensus on strategy formulation and organizational performance Competitors in a fragmented industry Strategic Management Journal November 8 DOI 101002smj4250080305Ellerby L (2009) Analysis plus synthesis Turning data into insights UX Matters April 27 Retrieved from httpwwwuxmatterscomauthorsarchives200703lindsay_ellerbyphp Freedman L (2013) Strategy Oxford UK Oxford University PressGrant R M (2001) The resource-based theory of competitive advantage Implications for strategy formulation California Management Review Spring 1991___________ (2010) Analyzing the industry environment In Mazzucato M (ed) Strategy for business A reader London SAGE PublicationsHashemi N F Masdeh M M Razeghi A amp Rahimian A (2012) Formulating and choosing strategies using SWOT analysis and QSPM matrix A case study of Hamadan Glass CompanyHarvard Business School Review (HBR) Blog Network httpblogshbrorg Hill C W Jones G R amp Schilling M A (2015) Strategic management theory (11th Edition) London UK Cengage LearningKeeley E T (n d) How to conduct a SWOT analysis [Online] Retrieved from httpoieekuedusitesoieekuedufilesfilesSWOT20Analysispdf 10 April 2016
bull Kvint V (2009) The global emerging market Strategic management and economics New York NY Routledge Publishing Li Y Guohu S amp Eppler M J (2008) Making strategy work A literature review on factors influencing strategy implementation ICA Working Papers 22008 Institute for Corporate Communication Lugano SwitzerlandMichael Porter (nd) BrainyQuotecom Retrieved April 7 2016 from BrainyQuotecom Web site httpwwwbrainyquotecomquotesquotesmmichaelpor378202html Mitchell R C (2009) Strategy formulation [Online] Retrieved from httpwwwsaylororgsitewp-contentuploads201304BUS300-23_Strategy-Formulationpdf 10 April 2016Mintzberg H amp Quinn J B (1996) The strategy process Concepts contexts cases Upper Saddle River NJ Prentice HallMintzberg H (1978) Patterns in strategy formation Management Science 24(9) 934-948Nabradi A (nd) Strategic management process strategy formulation [Online] Retrieved from httpwwwagrunizghrmultimediapdfstrategic_mgmt_2pdfParnell J A (2005) Strategic philosophy and management level Management Decision 3(2) 157-170 Retrieved from httpwwwemeraldinsightcom00251747htm Porter M E (1991) Towards a dynamic theory of strategy Strategic Management Journal 12(S2) 95-117 Winter DOI101002smj4250121008 Porter M E (2010) What is strategy In Mazzucato M (ed) Strategy for business A reader London SAGE PublicationsRyan R (2013) Cochrane consumers and communication review group Data synthesis and analysis Cochrane Consumers and Communication Review Group June Retrieved from httpccorgcochraneorg Scouller J (2011) Three levels of leadership How to develop your leadership presence knowhow and skills Cirencester UK Management Books 2000Theocharopoulos M (2012) Strategy formulation using SWOT Retrieved from httpwwwslidesharenetmanostheocharopoulosstrategy-formulation-using-swot-15650383Ulwick A W (1999) Business strategy formulation Theory process and the intellectual revolution London UK Quorum BooksVasile T amp Iancu A (2009) A model of the strategic management processVatchkova E (2012) Contents historical development of strategy Strategic management Retrieved from httpwwwiucedueugroupmba_learning2012STRATMANEV-L1-introductionpdfWilliam E Rothschild W E (nd) httpwwwazquotescompicture-quotes Yarger H R (2006) Strategic theory for the 21st century The little book for big strategy Strategic Studies Institute Retrieved from httpwwwStrategicStudiesInstitutearmymil Yousuf M (2016) The nature of strategic management Chapter I What is strategic management Academia httpswwwacademiaedu6349510THE_NATURE_OF_STRATEGIC_MANAGEMENT_I_WHAT_IS_STRATEGIC_MANAGEMENTZan L (1990) Looking for theories in strategy studies Scandinavian Journal of Management 6(2) 89-108 httpwwwsciencedirectcomsciencearticlepii095652219090018C Zhang X Majid S amp Foo S (2010) Environmental scanning An application of information literacy skills at the work place Journal of Information Science 36(6) 719-732 DOI1011771065551510385644 httpwwwquotelandcomauthorRobert-J-Mckain-Quotes6434httpspcscaliforniaincwordpresscomcategorygeneral-management-workshop httpwwwcivilserviceindiacomsubjectManagementnotesnature-and-scope-of-strategic-managementhtml
CONCEPTUAL FRAMEWORK
Strategy
bull Strategy focuses on possible courses of decisions and action utilizing available resources and determined by environmental influence
bull It is the practice of higher level plans or leadership in achieving set goals of organizations under ever changing situations or environments
bull It also involves patterns in streams of decisions and actions that shape the future into desirable ends by means of available resources (Mintzberg 1978 Mintzberg amp Quinn 1996 Kvint 2009 Freedman 2013)
Strategy Formulation
bull Strategy formulation is the task of analyzing the organizationrsquos internal and external environments and selecting or devising appropriate plans or strategies in setting goals or objectives and ways of achieving them
bull It involves the establishment or adjustment of mission and vision statements environmental analysis or scanning setting goals or objectives and the ways and means for attainment (Nabradi nd Mitchell 2009)
bull It is a living document that changes and grows time or events
Data Synthesis
bull Data is a body of factual information assembled for use in planning decision making or drawing conclusions
bull Synthesis refers to result of combination of different ideas influences or data for the purpose of producing structures or relationships known as formulation
bull Data Synthesis combines outcomes from different assumptions on overall effects of particular intervention to arrive at clear pattern for decision and action (Ellerby 2009 Berg 2013 Ryan 2013)
Environmental Scanning
bull Environment is the surrounding influence settings situation atmosphere background conditions or circumstances which determining the activities or fate of any given venture
bull Scanning refers to detailed or thorough examination of the environment for the purpose of extracting much needed data
bull Environmental Scanning is the systematic process of close monitoring for environmental signals for use in strategic decision making action or formulation of tasks (Zhang Majid amp Foo 2010)
SWOT Analysis
bull SWOT analysis is a veritable instrument or method of strategic planning use in strategy formulation
bull It evaluates strengths or advantages over others weaknesses or disadvantages relative to others opportunities or chances for progress and threats or causes for concern
bull It is the work room of strategy formulation where results of data synthesis and environmental scanning are put together for evaluation
bull It is used to identify and align strategies to available resources and capabilities to realities of the environment
Organizational Leadership
bull Organizational leadership is the management staff that provides inspiration objectives operational oversight and other administrative services to the organization often seen in Mission and Vision Statements (BusinessDictionarycom)
Strategic Management Process
bull The strategic management process (SMP) is an objective logical systematic and continuous approach for making major decisions and taking actions in an organization (Yousuf 2016)
bull It is defined as a dynamic process of strategy formulation implementation evaluation and control (Parnell 2005 David 2008 Vasile amp Iancu 2009 Vatchkova 2010 Hill Jones amp Schilling 2015 Yousuf 2016)
STRATEGIC FORMULATION AND
DATA SYNTHESIS
The Sense in Data
bull Data is most crucial in the process of choosing appropriate courses of action towards defined goals
bull Strategy formulation relies heavily on data for planning decision making and action for overall effects (Ellerby 2009)
bull Strategic control can only be achieved by data synthesis in which information is gathered refined applied and reviewed systematically over time (Ulwick 1999)
Data Synthesis in Strategic Formulation
bull Data Synthesis examines and infers relationships among sources in a clear obvious and definite format for useful in strategic formulation
bull It combines information and ideas to create and develop more ideas better focus wider perspective in an impending strategic formulation cycle
bull Output of data synthesis is useful for core insight critical thinking and testing of ideas in making next moves
bull These turn out good analysis as well as what to do next in strategy formulation towards set objectives
STRATEGIC FORMULATION AND
ENVIRONMENTAL SCANNING
The Keen Eyes of Strategy
bull Strategy requires keen sense balanced mind fast thinking quick response and accurate moves
bull Visual thinking improves mental attention skills associated with environmental scanning (Bohannon 2009)
bull A corresponding example of the keen eyes of strategy is seen in the sharp sense and high aptitude of expert computer gamers
Environmental Scanning in Strategic Formulation
bull As organizational environment increasingly become uncertain and complex environmental scanning enables organizations to detect change and formulate adaptive strategies (Zhang Majid amp Foo 2010)
bull In strategic sense environmental scanning is also about mastering the immediate locality to national regional and global surroundings within which the organization operates
bull It includes scanning strategies internal factors and perceived change leading to purposive strategy formulation
STRATEGIC FORMULATION AND
SWOT ANALYSIS
SWOT Analysis in Strategic Formulation
bull The process of taking stock of activities requires thorough examination of internal status and external context of organizations (Keeley nd)
bull SWOT analysis allows organizations to recognize themselves and their surrounding environments in order to plan implement and monitor their strategies (Hashemi et al 2012)
bull Strategy formulation is concerned with areas of strengths or advantages contributions of external factors or opportunities as well as watching for internal weaknesses and external threats
STRATEGY FORMULATION AS STRATEGIC TOOL OF
ORGANIZATIONAL LEADERSHIP
Strategy Formulation as Leadership Instrument
bull Strategy is ldquothe match an organization makes between its internal resources and skills and the opportunities and risks created by its external environmentrdquo (Grant 2001 p 114)
bull The strategic formulation cycle consisting of data synthesis environmental scanning and SWOT analysis submits to continuous review
bull It is an effective instrument of organizational leadership for effective and efficient attainment of mission and vision
Strategy Formulation and Organizational Performance
bull Consensus on objectives or methods and collaboration amongst management team members positively relates to organizational performance (Dess 2006)
bull Leadership has great influence on organizational performance particular as it relates to strategy formulation and day to day decision making actions
bull All these are tied to the cycle of vision mission and strategy formulation leading to action plan
CONCLUSION
Summary
bull The paper conceptualizes strategy formulation and its major components and discusses and correlates data synthesis environmental scanning and SWOT analysis in strategy formulation
bull It establishes strategy formulation as starting point of the strategic management process or planning and explains the conduct of strategy formulation as tool for organizational leadership
Conclusion
bull The strategy formulation is proposed as a crucial organizational leadership instrument of the strategic management process with illustrations
bull The paper draws conclusions on the foundational value and contribution of strategy formulation in the strategic management process
Recommendations
bull It strongly recommends knowledge and skills on strategy formulation and strategic management process for middle and higher executive who constitute organizational leadership
bull A simulation exercise is designed to practice on the application of strategy formulation in real world situations
SIMULATION EXERCISE
Groups of Course Participants are to prepare Strategy Formulation Schedule for the National Institute for Policy and Strategic Studies from the amended Mission and Vision of previous Exercise
ReferenceAcur N amp Englyst L (2006) Assessment of strategy formulation How to ensure quality in process and outcome International Journal of Operations and Production Management 26(1) 69-91Barney J B (1086) Types of competition and the theory of strategy Toward an integrative framework Academy of Management Review 11(4) 791-800 Retrieved from httpamraomorgcontent114791short Berg T M W Heymanns S S Leone D Vergouw J A Hayden A P Verhagen amp H Vet (2013) Overview of data-synthesis in systematic reviews of studies on outcome prediction BMC Medical Research Methodologies BMC Series Retrieved from httpbmcmmedresmethodolbiomedcentralcomarticles1011861471-2288-13-42 Bohannon J (2009) The keen eyes of a gamer Science March 30 [Online] American Association for Advancement of Science (AAAS) Retrieved from httpsciencemagorg 10 April 2016Bordean O Borza A Rus C amp Mitra C (2010) An investigation on the strategy formulation process within the Roman companies Managerial Challenges of the Contemporary Society Proceedings 26-31BusinessDictionarycom httpwwwbusinessdictionarycomdefinition-organizational-leadershiphtmlChamberlain G P (2010) Understanding strategy Charleston NC Create SpaceCorreia Z amp Wilson T D (1997) Scanning the business environment for information A grounded theory approach Information Research 2(4) April Retrieved from httpwwwinformationrnetir2-4paper21html Costa J (1997) A study of strategic planning and environmental scanning in the multi-unit Portuguese hotel sector A Thesis Submitted in Fulfillment of the Requirements for the Award of PhD Degree May Department of Management studies University of Surrey UKgtDavid F R (2008) Concepts of strategic management (6th Edition) Upper Saddle River NJ Prince-HallDess G G (2006) Consensus on strategy formulation and organizational performance Competitors in a fragmented industry Strategic Management Journal November 8 DOI 101002smj4250080305Ellerby L (2009) Analysis plus synthesis Turning data into insights UX Matters April 27 Retrieved from httpwwwuxmatterscomauthorsarchives200703lindsay_ellerbyphp Freedman L (2013) Strategy Oxford UK Oxford University PressGrant R M (2001) The resource-based theory of competitive advantage Implications for strategy formulation California Management Review Spring 1991___________ (2010) Analyzing the industry environment In Mazzucato M (ed) Strategy for business A reader London SAGE PublicationsHashemi N F Masdeh M M Razeghi A amp Rahimian A (2012) Formulating and choosing strategies using SWOT analysis and QSPM matrix A case study of Hamadan Glass CompanyHarvard Business School Review (HBR) Blog Network httpblogshbrorg Hill C W Jones G R amp Schilling M A (2015) Strategic management theory (11th Edition) London UK Cengage LearningKeeley E T (n d) How to conduct a SWOT analysis [Online] Retrieved from httpoieekuedusitesoieekuedufilesfilesSWOT20Analysispdf 10 April 2016
bull Kvint V (2009) The global emerging market Strategic management and economics New York NY Routledge Publishing Li Y Guohu S amp Eppler M J (2008) Making strategy work A literature review on factors influencing strategy implementation ICA Working Papers 22008 Institute for Corporate Communication Lugano SwitzerlandMichael Porter (nd) BrainyQuotecom Retrieved April 7 2016 from BrainyQuotecom Web site httpwwwbrainyquotecomquotesquotesmmichaelpor378202html Mitchell R C (2009) Strategy formulation [Online] Retrieved from httpwwwsaylororgsitewp-contentuploads201304BUS300-23_Strategy-Formulationpdf 10 April 2016Mintzberg H amp Quinn J B (1996) The strategy process Concepts contexts cases Upper Saddle River NJ Prentice HallMintzberg H (1978) Patterns in strategy formation Management Science 24(9) 934-948Nabradi A (nd) Strategic management process strategy formulation [Online] Retrieved from httpwwwagrunizghrmultimediapdfstrategic_mgmt_2pdfParnell J A (2005) Strategic philosophy and management level Management Decision 3(2) 157-170 Retrieved from httpwwwemeraldinsightcom00251747htm Porter M E (1991) Towards a dynamic theory of strategy Strategic Management Journal 12(S2) 95-117 Winter DOI101002smj4250121008 Porter M E (2010) What is strategy In Mazzucato M (ed) Strategy for business A reader London SAGE PublicationsRyan R (2013) Cochrane consumers and communication review group Data synthesis and analysis Cochrane Consumers and Communication Review Group June Retrieved from httpccorgcochraneorg Scouller J (2011) Three levels of leadership How to develop your leadership presence knowhow and skills Cirencester UK Management Books 2000Theocharopoulos M (2012) Strategy formulation using SWOT Retrieved from httpwwwslidesharenetmanostheocharopoulosstrategy-formulation-using-swot-15650383Ulwick A W (1999) Business strategy formulation Theory process and the intellectual revolution London UK Quorum BooksVasile T amp Iancu A (2009) A model of the strategic management processVatchkova E (2012) Contents historical development of strategy Strategic management Retrieved from httpwwwiucedueugroupmba_learning2012STRATMANEV-L1-introductionpdfWilliam E Rothschild W E (nd) httpwwwazquotescompicture-quotes Yarger H R (2006) Strategic theory for the 21st century The little book for big strategy Strategic Studies Institute Retrieved from httpwwwStrategicStudiesInstitutearmymil Yousuf M (2016) The nature of strategic management Chapter I What is strategic management Academia httpswwwacademiaedu6349510THE_NATURE_OF_STRATEGIC_MANAGEMENT_I_WHAT_IS_STRATEGIC_MANAGEMENTZan L (1990) Looking for theories in strategy studies Scandinavian Journal of Management 6(2) 89-108 httpwwwsciencedirectcomsciencearticlepii095652219090018C Zhang X Majid S amp Foo S (2010) Environmental scanning An application of information literacy skills at the work place Journal of Information Science 36(6) 719-732 DOI1011771065551510385644 httpwwwquotelandcomauthorRobert-J-Mckain-Quotes6434httpspcscaliforniaincwordpresscomcategorygeneral-management-workshop httpwwwcivilserviceindiacomsubjectManagementnotesnature-and-scope-of-strategic-managementhtml
Strategy
bull Strategy focuses on possible courses of decisions and action utilizing available resources and determined by environmental influence
bull It is the practice of higher level plans or leadership in achieving set goals of organizations under ever changing situations or environments
bull It also involves patterns in streams of decisions and actions that shape the future into desirable ends by means of available resources (Mintzberg 1978 Mintzberg amp Quinn 1996 Kvint 2009 Freedman 2013)
Strategy Formulation
bull Strategy formulation is the task of analyzing the organizationrsquos internal and external environments and selecting or devising appropriate plans or strategies in setting goals or objectives and ways of achieving them
bull It involves the establishment or adjustment of mission and vision statements environmental analysis or scanning setting goals or objectives and the ways and means for attainment (Nabradi nd Mitchell 2009)
bull It is a living document that changes and grows time or events
Data Synthesis
bull Data is a body of factual information assembled for use in planning decision making or drawing conclusions
bull Synthesis refers to result of combination of different ideas influences or data for the purpose of producing structures or relationships known as formulation
bull Data Synthesis combines outcomes from different assumptions on overall effects of particular intervention to arrive at clear pattern for decision and action (Ellerby 2009 Berg 2013 Ryan 2013)
Environmental Scanning
bull Environment is the surrounding influence settings situation atmosphere background conditions or circumstances which determining the activities or fate of any given venture
bull Scanning refers to detailed or thorough examination of the environment for the purpose of extracting much needed data
bull Environmental Scanning is the systematic process of close monitoring for environmental signals for use in strategic decision making action or formulation of tasks (Zhang Majid amp Foo 2010)
SWOT Analysis
bull SWOT analysis is a veritable instrument or method of strategic planning use in strategy formulation
bull It evaluates strengths or advantages over others weaknesses or disadvantages relative to others opportunities or chances for progress and threats or causes for concern
bull It is the work room of strategy formulation where results of data synthesis and environmental scanning are put together for evaluation
bull It is used to identify and align strategies to available resources and capabilities to realities of the environment
Organizational Leadership
bull Organizational leadership is the management staff that provides inspiration objectives operational oversight and other administrative services to the organization often seen in Mission and Vision Statements (BusinessDictionarycom)
Strategic Management Process
bull The strategic management process (SMP) is an objective logical systematic and continuous approach for making major decisions and taking actions in an organization (Yousuf 2016)
bull It is defined as a dynamic process of strategy formulation implementation evaluation and control (Parnell 2005 David 2008 Vasile amp Iancu 2009 Vatchkova 2010 Hill Jones amp Schilling 2015 Yousuf 2016)
STRATEGIC FORMULATION AND
DATA SYNTHESIS
The Sense in Data
bull Data is most crucial in the process of choosing appropriate courses of action towards defined goals
bull Strategy formulation relies heavily on data for planning decision making and action for overall effects (Ellerby 2009)
bull Strategic control can only be achieved by data synthesis in which information is gathered refined applied and reviewed systematically over time (Ulwick 1999)
Data Synthesis in Strategic Formulation
bull Data Synthesis examines and infers relationships among sources in a clear obvious and definite format for useful in strategic formulation
bull It combines information and ideas to create and develop more ideas better focus wider perspective in an impending strategic formulation cycle
bull Output of data synthesis is useful for core insight critical thinking and testing of ideas in making next moves
bull These turn out good analysis as well as what to do next in strategy formulation towards set objectives
STRATEGIC FORMULATION AND
ENVIRONMENTAL SCANNING
The Keen Eyes of Strategy
bull Strategy requires keen sense balanced mind fast thinking quick response and accurate moves
bull Visual thinking improves mental attention skills associated with environmental scanning (Bohannon 2009)
bull A corresponding example of the keen eyes of strategy is seen in the sharp sense and high aptitude of expert computer gamers
Environmental Scanning in Strategic Formulation
bull As organizational environment increasingly become uncertain and complex environmental scanning enables organizations to detect change and formulate adaptive strategies (Zhang Majid amp Foo 2010)
bull In strategic sense environmental scanning is also about mastering the immediate locality to national regional and global surroundings within which the organization operates
bull It includes scanning strategies internal factors and perceived change leading to purposive strategy formulation
STRATEGIC FORMULATION AND
SWOT ANALYSIS
SWOT Analysis in Strategic Formulation
bull The process of taking stock of activities requires thorough examination of internal status and external context of organizations (Keeley nd)
bull SWOT analysis allows organizations to recognize themselves and their surrounding environments in order to plan implement and monitor their strategies (Hashemi et al 2012)
bull Strategy formulation is concerned with areas of strengths or advantages contributions of external factors or opportunities as well as watching for internal weaknesses and external threats
STRATEGY FORMULATION AS STRATEGIC TOOL OF
ORGANIZATIONAL LEADERSHIP
Strategy Formulation as Leadership Instrument
bull Strategy is ldquothe match an organization makes between its internal resources and skills and the opportunities and risks created by its external environmentrdquo (Grant 2001 p 114)
bull The strategic formulation cycle consisting of data synthesis environmental scanning and SWOT analysis submits to continuous review
bull It is an effective instrument of organizational leadership for effective and efficient attainment of mission and vision
Strategy Formulation and Organizational Performance
bull Consensus on objectives or methods and collaboration amongst management team members positively relates to organizational performance (Dess 2006)
bull Leadership has great influence on organizational performance particular as it relates to strategy formulation and day to day decision making actions
bull All these are tied to the cycle of vision mission and strategy formulation leading to action plan
CONCLUSION
Summary
bull The paper conceptualizes strategy formulation and its major components and discusses and correlates data synthesis environmental scanning and SWOT analysis in strategy formulation
bull It establishes strategy formulation as starting point of the strategic management process or planning and explains the conduct of strategy formulation as tool for organizational leadership
Conclusion
bull The strategy formulation is proposed as a crucial organizational leadership instrument of the strategic management process with illustrations
bull The paper draws conclusions on the foundational value and contribution of strategy formulation in the strategic management process
Recommendations
bull It strongly recommends knowledge and skills on strategy formulation and strategic management process for middle and higher executive who constitute organizational leadership
bull A simulation exercise is designed to practice on the application of strategy formulation in real world situations
SIMULATION EXERCISE
Groups of Course Participants are to prepare Strategy Formulation Schedule for the National Institute for Policy and Strategic Studies from the amended Mission and Vision of previous Exercise
ReferenceAcur N amp Englyst L (2006) Assessment of strategy formulation How to ensure quality in process and outcome International Journal of Operations and Production Management 26(1) 69-91Barney J B (1086) Types of competition and the theory of strategy Toward an integrative framework Academy of Management Review 11(4) 791-800 Retrieved from httpamraomorgcontent114791short Berg T M W Heymanns S S Leone D Vergouw J A Hayden A P Verhagen amp H Vet (2013) Overview of data-synthesis in systematic reviews of studies on outcome prediction BMC Medical Research Methodologies BMC Series Retrieved from httpbmcmmedresmethodolbiomedcentralcomarticles1011861471-2288-13-42 Bohannon J (2009) The keen eyes of a gamer Science March 30 [Online] American Association for Advancement of Science (AAAS) Retrieved from httpsciencemagorg 10 April 2016Bordean O Borza A Rus C amp Mitra C (2010) An investigation on the strategy formulation process within the Roman companies Managerial Challenges of the Contemporary Society Proceedings 26-31BusinessDictionarycom httpwwwbusinessdictionarycomdefinition-organizational-leadershiphtmlChamberlain G P (2010) Understanding strategy Charleston NC Create SpaceCorreia Z amp Wilson T D (1997) Scanning the business environment for information A grounded theory approach Information Research 2(4) April Retrieved from httpwwwinformationrnetir2-4paper21html Costa J (1997) A study of strategic planning and environmental scanning in the multi-unit Portuguese hotel sector A Thesis Submitted in Fulfillment of the Requirements for the Award of PhD Degree May Department of Management studies University of Surrey UKgtDavid F R (2008) Concepts of strategic management (6th Edition) Upper Saddle River NJ Prince-HallDess G G (2006) Consensus on strategy formulation and organizational performance Competitors in a fragmented industry Strategic Management Journal November 8 DOI 101002smj4250080305Ellerby L (2009) Analysis plus synthesis Turning data into insights UX Matters April 27 Retrieved from httpwwwuxmatterscomauthorsarchives200703lindsay_ellerbyphp Freedman L (2013) Strategy Oxford UK Oxford University PressGrant R M (2001) The resource-based theory of competitive advantage Implications for strategy formulation California Management Review Spring 1991___________ (2010) Analyzing the industry environment In Mazzucato M (ed) Strategy for business A reader London SAGE PublicationsHashemi N F Masdeh M M Razeghi A amp Rahimian A (2012) Formulating and choosing strategies using SWOT analysis and QSPM matrix A case study of Hamadan Glass CompanyHarvard Business School Review (HBR) Blog Network httpblogshbrorg Hill C W Jones G R amp Schilling M A (2015) Strategic management theory (11th Edition) London UK Cengage LearningKeeley E T (n d) How to conduct a SWOT analysis [Online] Retrieved from httpoieekuedusitesoieekuedufilesfilesSWOT20Analysispdf 10 April 2016
bull Kvint V (2009) The global emerging market Strategic management and economics New York NY Routledge Publishing Li Y Guohu S amp Eppler M J (2008) Making strategy work A literature review on factors influencing strategy implementation ICA Working Papers 22008 Institute for Corporate Communication Lugano SwitzerlandMichael Porter (nd) BrainyQuotecom Retrieved April 7 2016 from BrainyQuotecom Web site httpwwwbrainyquotecomquotesquotesmmichaelpor378202html Mitchell R C (2009) Strategy formulation [Online] Retrieved from httpwwwsaylororgsitewp-contentuploads201304BUS300-23_Strategy-Formulationpdf 10 April 2016Mintzberg H amp Quinn J B (1996) The strategy process Concepts contexts cases Upper Saddle River NJ Prentice HallMintzberg H (1978) Patterns in strategy formation Management Science 24(9) 934-948Nabradi A (nd) Strategic management process strategy formulation [Online] Retrieved from httpwwwagrunizghrmultimediapdfstrategic_mgmt_2pdfParnell J A (2005) Strategic philosophy and management level Management Decision 3(2) 157-170 Retrieved from httpwwwemeraldinsightcom00251747htm Porter M E (1991) Towards a dynamic theory of strategy Strategic Management Journal 12(S2) 95-117 Winter DOI101002smj4250121008 Porter M E (2010) What is strategy In Mazzucato M (ed) Strategy for business A reader London SAGE PublicationsRyan R (2013) Cochrane consumers and communication review group Data synthesis and analysis Cochrane Consumers and Communication Review Group June Retrieved from httpccorgcochraneorg Scouller J (2011) Three levels of leadership How to develop your leadership presence knowhow and skills Cirencester UK Management Books 2000Theocharopoulos M (2012) Strategy formulation using SWOT Retrieved from httpwwwslidesharenetmanostheocharopoulosstrategy-formulation-using-swot-15650383Ulwick A W (1999) Business strategy formulation Theory process and the intellectual revolution London UK Quorum BooksVasile T amp Iancu A (2009) A model of the strategic management processVatchkova E (2012) Contents historical development of strategy Strategic management Retrieved from httpwwwiucedueugroupmba_learning2012STRATMANEV-L1-introductionpdfWilliam E Rothschild W E (nd) httpwwwazquotescompicture-quotes Yarger H R (2006) Strategic theory for the 21st century The little book for big strategy Strategic Studies Institute Retrieved from httpwwwStrategicStudiesInstitutearmymil Yousuf M (2016) The nature of strategic management Chapter I What is strategic management Academia httpswwwacademiaedu6349510THE_NATURE_OF_STRATEGIC_MANAGEMENT_I_WHAT_IS_STRATEGIC_MANAGEMENTZan L (1990) Looking for theories in strategy studies Scandinavian Journal of Management 6(2) 89-108 httpwwwsciencedirectcomsciencearticlepii095652219090018C Zhang X Majid S amp Foo S (2010) Environmental scanning An application of information literacy skills at the work place Journal of Information Science 36(6) 719-732 DOI1011771065551510385644 httpwwwquotelandcomauthorRobert-J-Mckain-Quotes6434httpspcscaliforniaincwordpresscomcategorygeneral-management-workshop httpwwwcivilserviceindiacomsubjectManagementnotesnature-and-scope-of-strategic-managementhtml
Strategy Formulation
bull Strategy formulation is the task of analyzing the organizationrsquos internal and external environments and selecting or devising appropriate plans or strategies in setting goals or objectives and ways of achieving them
bull It involves the establishment or adjustment of mission and vision statements environmental analysis or scanning setting goals or objectives and the ways and means for attainment (Nabradi nd Mitchell 2009)
bull It is a living document that changes and grows time or events
Data Synthesis
bull Data is a body of factual information assembled for use in planning decision making or drawing conclusions
bull Synthesis refers to result of combination of different ideas influences or data for the purpose of producing structures or relationships known as formulation
bull Data Synthesis combines outcomes from different assumptions on overall effects of particular intervention to arrive at clear pattern for decision and action (Ellerby 2009 Berg 2013 Ryan 2013)
Environmental Scanning
bull Environment is the surrounding influence settings situation atmosphere background conditions or circumstances which determining the activities or fate of any given venture
bull Scanning refers to detailed or thorough examination of the environment for the purpose of extracting much needed data
bull Environmental Scanning is the systematic process of close monitoring for environmental signals for use in strategic decision making action or formulation of tasks (Zhang Majid amp Foo 2010)
SWOT Analysis
bull SWOT analysis is a veritable instrument or method of strategic planning use in strategy formulation
bull It evaluates strengths or advantages over others weaknesses or disadvantages relative to others opportunities or chances for progress and threats or causes for concern
bull It is the work room of strategy formulation where results of data synthesis and environmental scanning are put together for evaluation
bull It is used to identify and align strategies to available resources and capabilities to realities of the environment
Organizational Leadership
bull Organizational leadership is the management staff that provides inspiration objectives operational oversight and other administrative services to the organization often seen in Mission and Vision Statements (BusinessDictionarycom)
Strategic Management Process
bull The strategic management process (SMP) is an objective logical systematic and continuous approach for making major decisions and taking actions in an organization (Yousuf 2016)
bull It is defined as a dynamic process of strategy formulation implementation evaluation and control (Parnell 2005 David 2008 Vasile amp Iancu 2009 Vatchkova 2010 Hill Jones amp Schilling 2015 Yousuf 2016)
STRATEGIC FORMULATION AND
DATA SYNTHESIS
The Sense in Data
bull Data is most crucial in the process of choosing appropriate courses of action towards defined goals
bull Strategy formulation relies heavily on data for planning decision making and action for overall effects (Ellerby 2009)
bull Strategic control can only be achieved by data synthesis in which information is gathered refined applied and reviewed systematically over time (Ulwick 1999)
Data Synthesis in Strategic Formulation
bull Data Synthesis examines and infers relationships among sources in a clear obvious and definite format for useful in strategic formulation
bull It combines information and ideas to create and develop more ideas better focus wider perspective in an impending strategic formulation cycle
bull Output of data synthesis is useful for core insight critical thinking and testing of ideas in making next moves
bull These turn out good analysis as well as what to do next in strategy formulation towards set objectives
STRATEGIC FORMULATION AND
ENVIRONMENTAL SCANNING
The Keen Eyes of Strategy
bull Strategy requires keen sense balanced mind fast thinking quick response and accurate moves
bull Visual thinking improves mental attention skills associated with environmental scanning (Bohannon 2009)
bull A corresponding example of the keen eyes of strategy is seen in the sharp sense and high aptitude of expert computer gamers
Environmental Scanning in Strategic Formulation
bull As organizational environment increasingly become uncertain and complex environmental scanning enables organizations to detect change and formulate adaptive strategies (Zhang Majid amp Foo 2010)
bull In strategic sense environmental scanning is also about mastering the immediate locality to national regional and global surroundings within which the organization operates
bull It includes scanning strategies internal factors and perceived change leading to purposive strategy formulation
STRATEGIC FORMULATION AND
SWOT ANALYSIS
SWOT Analysis in Strategic Formulation
bull The process of taking stock of activities requires thorough examination of internal status and external context of organizations (Keeley nd)
bull SWOT analysis allows organizations to recognize themselves and their surrounding environments in order to plan implement and monitor their strategies (Hashemi et al 2012)
bull Strategy formulation is concerned with areas of strengths or advantages contributions of external factors or opportunities as well as watching for internal weaknesses and external threats
STRATEGY FORMULATION AS STRATEGIC TOOL OF
ORGANIZATIONAL LEADERSHIP
Strategy Formulation as Leadership Instrument
bull Strategy is ldquothe match an organization makes between its internal resources and skills and the opportunities and risks created by its external environmentrdquo (Grant 2001 p 114)
bull The strategic formulation cycle consisting of data synthesis environmental scanning and SWOT analysis submits to continuous review
bull It is an effective instrument of organizational leadership for effective and efficient attainment of mission and vision
Strategy Formulation and Organizational Performance
bull Consensus on objectives or methods and collaboration amongst management team members positively relates to organizational performance (Dess 2006)
bull Leadership has great influence on organizational performance particular as it relates to strategy formulation and day to day decision making actions
bull All these are tied to the cycle of vision mission and strategy formulation leading to action plan
CONCLUSION
Summary
bull The paper conceptualizes strategy formulation and its major components and discusses and correlates data synthesis environmental scanning and SWOT analysis in strategy formulation
bull It establishes strategy formulation as starting point of the strategic management process or planning and explains the conduct of strategy formulation as tool for organizational leadership
Conclusion
bull The strategy formulation is proposed as a crucial organizational leadership instrument of the strategic management process with illustrations
bull The paper draws conclusions on the foundational value and contribution of strategy formulation in the strategic management process
Recommendations
bull It strongly recommends knowledge and skills on strategy formulation and strategic management process for middle and higher executive who constitute organizational leadership
bull A simulation exercise is designed to practice on the application of strategy formulation in real world situations
SIMULATION EXERCISE
Groups of Course Participants are to prepare Strategy Formulation Schedule for the National Institute for Policy and Strategic Studies from the amended Mission and Vision of previous Exercise
ReferenceAcur N amp Englyst L (2006) Assessment of strategy formulation How to ensure quality in process and outcome International Journal of Operations and Production Management 26(1) 69-91Barney J B (1086) Types of competition and the theory of strategy Toward an integrative framework Academy of Management Review 11(4) 791-800 Retrieved from httpamraomorgcontent114791short Berg T M W Heymanns S S Leone D Vergouw J A Hayden A P Verhagen amp H Vet (2013) Overview of data-synthesis in systematic reviews of studies on outcome prediction BMC Medical Research Methodologies BMC Series Retrieved from httpbmcmmedresmethodolbiomedcentralcomarticles1011861471-2288-13-42 Bohannon J (2009) The keen eyes of a gamer Science March 30 [Online] American Association for Advancement of Science (AAAS) Retrieved from httpsciencemagorg 10 April 2016Bordean O Borza A Rus C amp Mitra C (2010) An investigation on the strategy formulation process within the Roman companies Managerial Challenges of the Contemporary Society Proceedings 26-31BusinessDictionarycom httpwwwbusinessdictionarycomdefinition-organizational-leadershiphtmlChamberlain G P (2010) Understanding strategy Charleston NC Create SpaceCorreia Z amp Wilson T D (1997) Scanning the business environment for information A grounded theory approach Information Research 2(4) April Retrieved from httpwwwinformationrnetir2-4paper21html Costa J (1997) A study of strategic planning and environmental scanning in the multi-unit Portuguese hotel sector A Thesis Submitted in Fulfillment of the Requirements for the Award of PhD Degree May Department of Management studies University of Surrey UKgtDavid F R (2008) Concepts of strategic management (6th Edition) Upper Saddle River NJ Prince-HallDess G G (2006) Consensus on strategy formulation and organizational performance Competitors in a fragmented industry Strategic Management Journal November 8 DOI 101002smj4250080305Ellerby L (2009) Analysis plus synthesis Turning data into insights UX Matters April 27 Retrieved from httpwwwuxmatterscomauthorsarchives200703lindsay_ellerbyphp Freedman L (2013) Strategy Oxford UK Oxford University PressGrant R M (2001) The resource-based theory of competitive advantage Implications for strategy formulation California Management Review Spring 1991___________ (2010) Analyzing the industry environment In Mazzucato M (ed) Strategy for business A reader London SAGE PublicationsHashemi N F Masdeh M M Razeghi A amp Rahimian A (2012) Formulating and choosing strategies using SWOT analysis and QSPM matrix A case study of Hamadan Glass CompanyHarvard Business School Review (HBR) Blog Network httpblogshbrorg Hill C W Jones G R amp Schilling M A (2015) Strategic management theory (11th Edition) London UK Cengage LearningKeeley E T (n d) How to conduct a SWOT analysis [Online] Retrieved from httpoieekuedusitesoieekuedufilesfilesSWOT20Analysispdf 10 April 2016
bull Kvint V (2009) The global emerging market Strategic management and economics New York NY Routledge Publishing Li Y Guohu S amp Eppler M J (2008) Making strategy work A literature review on factors influencing strategy implementation ICA Working Papers 22008 Institute for Corporate Communication Lugano SwitzerlandMichael Porter (nd) BrainyQuotecom Retrieved April 7 2016 from BrainyQuotecom Web site httpwwwbrainyquotecomquotesquotesmmichaelpor378202html Mitchell R C (2009) Strategy formulation [Online] Retrieved from httpwwwsaylororgsitewp-contentuploads201304BUS300-23_Strategy-Formulationpdf 10 April 2016Mintzberg H amp Quinn J B (1996) The strategy process Concepts contexts cases Upper Saddle River NJ Prentice HallMintzberg H (1978) Patterns in strategy formation Management Science 24(9) 934-948Nabradi A (nd) Strategic management process strategy formulation [Online] Retrieved from httpwwwagrunizghrmultimediapdfstrategic_mgmt_2pdfParnell J A (2005) Strategic philosophy and management level Management Decision 3(2) 157-170 Retrieved from httpwwwemeraldinsightcom00251747htm Porter M E (1991) Towards a dynamic theory of strategy Strategic Management Journal 12(S2) 95-117 Winter DOI101002smj4250121008 Porter M E (2010) What is strategy In Mazzucato M (ed) Strategy for business A reader London SAGE PublicationsRyan R (2013) Cochrane consumers and communication review group Data synthesis and analysis Cochrane Consumers and Communication Review Group June Retrieved from httpccorgcochraneorg Scouller J (2011) Three levels of leadership How to develop your leadership presence knowhow and skills Cirencester UK Management Books 2000Theocharopoulos M (2012) Strategy formulation using SWOT Retrieved from httpwwwslidesharenetmanostheocharopoulosstrategy-formulation-using-swot-15650383Ulwick A W (1999) Business strategy formulation Theory process and the intellectual revolution London UK Quorum BooksVasile T amp Iancu A (2009) A model of the strategic management processVatchkova E (2012) Contents historical development of strategy Strategic management Retrieved from httpwwwiucedueugroupmba_learning2012STRATMANEV-L1-introductionpdfWilliam E Rothschild W E (nd) httpwwwazquotescompicture-quotes Yarger H R (2006) Strategic theory for the 21st century The little book for big strategy Strategic Studies Institute Retrieved from httpwwwStrategicStudiesInstitutearmymil Yousuf M (2016) The nature of strategic management Chapter I What is strategic management Academia httpswwwacademiaedu6349510THE_NATURE_OF_STRATEGIC_MANAGEMENT_I_WHAT_IS_STRATEGIC_MANAGEMENTZan L (1990) Looking for theories in strategy studies Scandinavian Journal of Management 6(2) 89-108 httpwwwsciencedirectcomsciencearticlepii095652219090018C Zhang X Majid S amp Foo S (2010) Environmental scanning An application of information literacy skills at the work place Journal of Information Science 36(6) 719-732 DOI1011771065551510385644 httpwwwquotelandcomauthorRobert-J-Mckain-Quotes6434httpspcscaliforniaincwordpresscomcategorygeneral-management-workshop httpwwwcivilserviceindiacomsubjectManagementnotesnature-and-scope-of-strategic-managementhtml
Data Synthesis
bull Data is a body of factual information assembled for use in planning decision making or drawing conclusions
bull Synthesis refers to result of combination of different ideas influences or data for the purpose of producing structures or relationships known as formulation
bull Data Synthesis combines outcomes from different assumptions on overall effects of particular intervention to arrive at clear pattern for decision and action (Ellerby 2009 Berg 2013 Ryan 2013)
Environmental Scanning
bull Environment is the surrounding influence settings situation atmosphere background conditions or circumstances which determining the activities or fate of any given venture
bull Scanning refers to detailed or thorough examination of the environment for the purpose of extracting much needed data
bull Environmental Scanning is the systematic process of close monitoring for environmental signals for use in strategic decision making action or formulation of tasks (Zhang Majid amp Foo 2010)
SWOT Analysis
bull SWOT analysis is a veritable instrument or method of strategic planning use in strategy formulation
bull It evaluates strengths or advantages over others weaknesses or disadvantages relative to others opportunities or chances for progress and threats or causes for concern
bull It is the work room of strategy formulation where results of data synthesis and environmental scanning are put together for evaluation
bull It is used to identify and align strategies to available resources and capabilities to realities of the environment
Organizational Leadership
bull Organizational leadership is the management staff that provides inspiration objectives operational oversight and other administrative services to the organization often seen in Mission and Vision Statements (BusinessDictionarycom)
Strategic Management Process
bull The strategic management process (SMP) is an objective logical systematic and continuous approach for making major decisions and taking actions in an organization (Yousuf 2016)
bull It is defined as a dynamic process of strategy formulation implementation evaluation and control (Parnell 2005 David 2008 Vasile amp Iancu 2009 Vatchkova 2010 Hill Jones amp Schilling 2015 Yousuf 2016)
STRATEGIC FORMULATION AND
DATA SYNTHESIS
The Sense in Data
bull Data is most crucial in the process of choosing appropriate courses of action towards defined goals
bull Strategy formulation relies heavily on data for planning decision making and action for overall effects (Ellerby 2009)
bull Strategic control can only be achieved by data synthesis in which information is gathered refined applied and reviewed systematically over time (Ulwick 1999)
Data Synthesis in Strategic Formulation
bull Data Synthesis examines and infers relationships among sources in a clear obvious and definite format for useful in strategic formulation
bull It combines information and ideas to create and develop more ideas better focus wider perspective in an impending strategic formulation cycle
bull Output of data synthesis is useful for core insight critical thinking and testing of ideas in making next moves
bull These turn out good analysis as well as what to do next in strategy formulation towards set objectives
STRATEGIC FORMULATION AND
ENVIRONMENTAL SCANNING
The Keen Eyes of Strategy
bull Strategy requires keen sense balanced mind fast thinking quick response and accurate moves
bull Visual thinking improves mental attention skills associated with environmental scanning (Bohannon 2009)
bull A corresponding example of the keen eyes of strategy is seen in the sharp sense and high aptitude of expert computer gamers
Environmental Scanning in Strategic Formulation
bull As organizational environment increasingly become uncertain and complex environmental scanning enables organizations to detect change and formulate adaptive strategies (Zhang Majid amp Foo 2010)
bull In strategic sense environmental scanning is also about mastering the immediate locality to national regional and global surroundings within which the organization operates
bull It includes scanning strategies internal factors and perceived change leading to purposive strategy formulation
STRATEGIC FORMULATION AND
SWOT ANALYSIS
SWOT Analysis in Strategic Formulation
bull The process of taking stock of activities requires thorough examination of internal status and external context of organizations (Keeley nd)
bull SWOT analysis allows organizations to recognize themselves and their surrounding environments in order to plan implement and monitor their strategies (Hashemi et al 2012)
bull Strategy formulation is concerned with areas of strengths or advantages contributions of external factors or opportunities as well as watching for internal weaknesses and external threats
STRATEGY FORMULATION AS STRATEGIC TOOL OF
ORGANIZATIONAL LEADERSHIP
Strategy Formulation as Leadership Instrument
bull Strategy is ldquothe match an organization makes between its internal resources and skills and the opportunities and risks created by its external environmentrdquo (Grant 2001 p 114)
bull The strategic formulation cycle consisting of data synthesis environmental scanning and SWOT analysis submits to continuous review
bull It is an effective instrument of organizational leadership for effective and efficient attainment of mission and vision
Strategy Formulation and Organizational Performance
bull Consensus on objectives or methods and collaboration amongst management team members positively relates to organizational performance (Dess 2006)
bull Leadership has great influence on organizational performance particular as it relates to strategy formulation and day to day decision making actions
bull All these are tied to the cycle of vision mission and strategy formulation leading to action plan
CONCLUSION
Summary
bull The paper conceptualizes strategy formulation and its major components and discusses and correlates data synthesis environmental scanning and SWOT analysis in strategy formulation
bull It establishes strategy formulation as starting point of the strategic management process or planning and explains the conduct of strategy formulation as tool for organizational leadership
Conclusion
bull The strategy formulation is proposed as a crucial organizational leadership instrument of the strategic management process with illustrations
bull The paper draws conclusions on the foundational value and contribution of strategy formulation in the strategic management process
Recommendations
bull It strongly recommends knowledge and skills on strategy formulation and strategic management process for middle and higher executive who constitute organizational leadership
bull A simulation exercise is designed to practice on the application of strategy formulation in real world situations
SIMULATION EXERCISE
Groups of Course Participants are to prepare Strategy Formulation Schedule for the National Institute for Policy and Strategic Studies from the amended Mission and Vision of previous Exercise
ReferenceAcur N amp Englyst L (2006) Assessment of strategy formulation How to ensure quality in process and outcome International Journal of Operations and Production Management 26(1) 69-91Barney J B (1086) Types of competition and the theory of strategy Toward an integrative framework Academy of Management Review 11(4) 791-800 Retrieved from httpamraomorgcontent114791short Berg T M W Heymanns S S Leone D Vergouw J A Hayden A P Verhagen amp H Vet (2013) Overview of data-synthesis in systematic reviews of studies on outcome prediction BMC Medical Research Methodologies BMC Series Retrieved from httpbmcmmedresmethodolbiomedcentralcomarticles1011861471-2288-13-42 Bohannon J (2009) The keen eyes of a gamer Science March 30 [Online] American Association for Advancement of Science (AAAS) Retrieved from httpsciencemagorg 10 April 2016Bordean O Borza A Rus C amp Mitra C (2010) An investigation on the strategy formulation process within the Roman companies Managerial Challenges of the Contemporary Society Proceedings 26-31BusinessDictionarycom httpwwwbusinessdictionarycomdefinition-organizational-leadershiphtmlChamberlain G P (2010) Understanding strategy Charleston NC Create SpaceCorreia Z amp Wilson T D (1997) Scanning the business environment for information A grounded theory approach Information Research 2(4) April Retrieved from httpwwwinformationrnetir2-4paper21html Costa J (1997) A study of strategic planning and environmental scanning in the multi-unit Portuguese hotel sector A Thesis Submitted in Fulfillment of the Requirements for the Award of PhD Degree May Department of Management studies University of Surrey UKgtDavid F R (2008) Concepts of strategic management (6th Edition) Upper Saddle River NJ Prince-HallDess G G (2006) Consensus on strategy formulation and organizational performance Competitors in a fragmented industry Strategic Management Journal November 8 DOI 101002smj4250080305Ellerby L (2009) Analysis plus synthesis Turning data into insights UX Matters April 27 Retrieved from httpwwwuxmatterscomauthorsarchives200703lindsay_ellerbyphp Freedman L (2013) Strategy Oxford UK Oxford University PressGrant R M (2001) The resource-based theory of competitive advantage Implications for strategy formulation California Management Review Spring 1991___________ (2010) Analyzing the industry environment In Mazzucato M (ed) Strategy for business A reader London SAGE PublicationsHashemi N F Masdeh M M Razeghi A amp Rahimian A (2012) Formulating and choosing strategies using SWOT analysis and QSPM matrix A case study of Hamadan Glass CompanyHarvard Business School Review (HBR) Blog Network httpblogshbrorg Hill C W Jones G R amp Schilling M A (2015) Strategic management theory (11th Edition) London UK Cengage LearningKeeley E T (n d) How to conduct a SWOT analysis [Online] Retrieved from httpoieekuedusitesoieekuedufilesfilesSWOT20Analysispdf 10 April 2016
bull Kvint V (2009) The global emerging market Strategic management and economics New York NY Routledge Publishing Li Y Guohu S amp Eppler M J (2008) Making strategy work A literature review on factors influencing strategy implementation ICA Working Papers 22008 Institute for Corporate Communication Lugano SwitzerlandMichael Porter (nd) BrainyQuotecom Retrieved April 7 2016 from BrainyQuotecom Web site httpwwwbrainyquotecomquotesquotesmmichaelpor378202html Mitchell R C (2009) Strategy formulation [Online] Retrieved from httpwwwsaylororgsitewp-contentuploads201304BUS300-23_Strategy-Formulationpdf 10 April 2016Mintzberg H amp Quinn J B (1996) The strategy process Concepts contexts cases Upper Saddle River NJ Prentice HallMintzberg H (1978) Patterns in strategy formation Management Science 24(9) 934-948Nabradi A (nd) Strategic management process strategy formulation [Online] Retrieved from httpwwwagrunizghrmultimediapdfstrategic_mgmt_2pdfParnell J A (2005) Strategic philosophy and management level Management Decision 3(2) 157-170 Retrieved from httpwwwemeraldinsightcom00251747htm Porter M E (1991) Towards a dynamic theory of strategy Strategic Management Journal 12(S2) 95-117 Winter DOI101002smj4250121008 Porter M E (2010) What is strategy In Mazzucato M (ed) Strategy for business A reader London SAGE PublicationsRyan R (2013) Cochrane consumers and communication review group Data synthesis and analysis Cochrane Consumers and Communication Review Group June Retrieved from httpccorgcochraneorg Scouller J (2011) Three levels of leadership How to develop your leadership presence knowhow and skills Cirencester UK Management Books 2000Theocharopoulos M (2012) Strategy formulation using SWOT Retrieved from httpwwwslidesharenetmanostheocharopoulosstrategy-formulation-using-swot-15650383Ulwick A W (1999) Business strategy formulation Theory process and the intellectual revolution London UK Quorum BooksVasile T amp Iancu A (2009) A model of the strategic management processVatchkova E (2012) Contents historical development of strategy Strategic management Retrieved from httpwwwiucedueugroupmba_learning2012STRATMANEV-L1-introductionpdfWilliam E Rothschild W E (nd) httpwwwazquotescompicture-quotes Yarger H R (2006) Strategic theory for the 21st century The little book for big strategy Strategic Studies Institute Retrieved from httpwwwStrategicStudiesInstitutearmymil Yousuf M (2016) The nature of strategic management Chapter I What is strategic management Academia httpswwwacademiaedu6349510THE_NATURE_OF_STRATEGIC_MANAGEMENT_I_WHAT_IS_STRATEGIC_MANAGEMENTZan L (1990) Looking for theories in strategy studies Scandinavian Journal of Management 6(2) 89-108 httpwwwsciencedirectcomsciencearticlepii095652219090018C Zhang X Majid S amp Foo S (2010) Environmental scanning An application of information literacy skills at the work place Journal of Information Science 36(6) 719-732 DOI1011771065551510385644 httpwwwquotelandcomauthorRobert-J-Mckain-Quotes6434httpspcscaliforniaincwordpresscomcategorygeneral-management-workshop httpwwwcivilserviceindiacomsubjectManagementnotesnature-and-scope-of-strategic-managementhtml
Environmental Scanning
bull Environment is the surrounding influence settings situation atmosphere background conditions or circumstances which determining the activities or fate of any given venture
bull Scanning refers to detailed or thorough examination of the environment for the purpose of extracting much needed data
bull Environmental Scanning is the systematic process of close monitoring for environmental signals for use in strategic decision making action or formulation of tasks (Zhang Majid amp Foo 2010)
SWOT Analysis
bull SWOT analysis is a veritable instrument or method of strategic planning use in strategy formulation
bull It evaluates strengths or advantages over others weaknesses or disadvantages relative to others opportunities or chances for progress and threats or causes for concern
bull It is the work room of strategy formulation where results of data synthesis and environmental scanning are put together for evaluation
bull It is used to identify and align strategies to available resources and capabilities to realities of the environment
Organizational Leadership
bull Organizational leadership is the management staff that provides inspiration objectives operational oversight and other administrative services to the organization often seen in Mission and Vision Statements (BusinessDictionarycom)
Strategic Management Process
bull The strategic management process (SMP) is an objective logical systematic and continuous approach for making major decisions and taking actions in an organization (Yousuf 2016)
bull It is defined as a dynamic process of strategy formulation implementation evaluation and control (Parnell 2005 David 2008 Vasile amp Iancu 2009 Vatchkova 2010 Hill Jones amp Schilling 2015 Yousuf 2016)
STRATEGIC FORMULATION AND
DATA SYNTHESIS
The Sense in Data
bull Data is most crucial in the process of choosing appropriate courses of action towards defined goals
bull Strategy formulation relies heavily on data for planning decision making and action for overall effects (Ellerby 2009)
bull Strategic control can only be achieved by data synthesis in which information is gathered refined applied and reviewed systematically over time (Ulwick 1999)
Data Synthesis in Strategic Formulation
bull Data Synthesis examines and infers relationships among sources in a clear obvious and definite format for useful in strategic formulation
bull It combines information and ideas to create and develop more ideas better focus wider perspective in an impending strategic formulation cycle
bull Output of data synthesis is useful for core insight critical thinking and testing of ideas in making next moves
bull These turn out good analysis as well as what to do next in strategy formulation towards set objectives
STRATEGIC FORMULATION AND
ENVIRONMENTAL SCANNING
The Keen Eyes of Strategy
bull Strategy requires keen sense balanced mind fast thinking quick response and accurate moves
bull Visual thinking improves mental attention skills associated with environmental scanning (Bohannon 2009)
bull A corresponding example of the keen eyes of strategy is seen in the sharp sense and high aptitude of expert computer gamers
Environmental Scanning in Strategic Formulation
bull As organizational environment increasingly become uncertain and complex environmental scanning enables organizations to detect change and formulate adaptive strategies (Zhang Majid amp Foo 2010)
bull In strategic sense environmental scanning is also about mastering the immediate locality to national regional and global surroundings within which the organization operates
bull It includes scanning strategies internal factors and perceived change leading to purposive strategy formulation
STRATEGIC FORMULATION AND
SWOT ANALYSIS
SWOT Analysis in Strategic Formulation
bull The process of taking stock of activities requires thorough examination of internal status and external context of organizations (Keeley nd)
bull SWOT analysis allows organizations to recognize themselves and their surrounding environments in order to plan implement and monitor their strategies (Hashemi et al 2012)
bull Strategy formulation is concerned with areas of strengths or advantages contributions of external factors or opportunities as well as watching for internal weaknesses and external threats
STRATEGY FORMULATION AS STRATEGIC TOOL OF
ORGANIZATIONAL LEADERSHIP
Strategy Formulation as Leadership Instrument
bull Strategy is ldquothe match an organization makes between its internal resources and skills and the opportunities and risks created by its external environmentrdquo (Grant 2001 p 114)
bull The strategic formulation cycle consisting of data synthesis environmental scanning and SWOT analysis submits to continuous review
bull It is an effective instrument of organizational leadership for effective and efficient attainment of mission and vision
Strategy Formulation and Organizational Performance
bull Consensus on objectives or methods and collaboration amongst management team members positively relates to organizational performance (Dess 2006)
bull Leadership has great influence on organizational performance particular as it relates to strategy formulation and day to day decision making actions
bull All these are tied to the cycle of vision mission and strategy formulation leading to action plan
CONCLUSION
Summary
bull The paper conceptualizes strategy formulation and its major components and discusses and correlates data synthesis environmental scanning and SWOT analysis in strategy formulation
bull It establishes strategy formulation as starting point of the strategic management process or planning and explains the conduct of strategy formulation as tool for organizational leadership
Conclusion
bull The strategy formulation is proposed as a crucial organizational leadership instrument of the strategic management process with illustrations
bull The paper draws conclusions on the foundational value and contribution of strategy formulation in the strategic management process
Recommendations
bull It strongly recommends knowledge and skills on strategy formulation and strategic management process for middle and higher executive who constitute organizational leadership
bull A simulation exercise is designed to practice on the application of strategy formulation in real world situations
SIMULATION EXERCISE
Groups of Course Participants are to prepare Strategy Formulation Schedule for the National Institute for Policy and Strategic Studies from the amended Mission and Vision of previous Exercise
ReferenceAcur N amp Englyst L (2006) Assessment of strategy formulation How to ensure quality in process and outcome International Journal of Operations and Production Management 26(1) 69-91Barney J B (1086) Types of competition and the theory of strategy Toward an integrative framework Academy of Management Review 11(4) 791-800 Retrieved from httpamraomorgcontent114791short Berg T M W Heymanns S S Leone D Vergouw J A Hayden A P Verhagen amp H Vet (2013) Overview of data-synthesis in systematic reviews of studies on outcome prediction BMC Medical Research Methodologies BMC Series Retrieved from httpbmcmmedresmethodolbiomedcentralcomarticles1011861471-2288-13-42 Bohannon J (2009) The keen eyes of a gamer Science March 30 [Online] American Association for Advancement of Science (AAAS) Retrieved from httpsciencemagorg 10 April 2016Bordean O Borza A Rus C amp Mitra C (2010) An investigation on the strategy formulation process within the Roman companies Managerial Challenges of the Contemporary Society Proceedings 26-31BusinessDictionarycom httpwwwbusinessdictionarycomdefinition-organizational-leadershiphtmlChamberlain G P (2010) Understanding strategy Charleston NC Create SpaceCorreia Z amp Wilson T D (1997) Scanning the business environment for information A grounded theory approach Information Research 2(4) April Retrieved from httpwwwinformationrnetir2-4paper21html Costa J (1997) A study of strategic planning and environmental scanning in the multi-unit Portuguese hotel sector A Thesis Submitted in Fulfillment of the Requirements for the Award of PhD Degree May Department of Management studies University of Surrey UKgtDavid F R (2008) Concepts of strategic management (6th Edition) Upper Saddle River NJ Prince-HallDess G G (2006) Consensus on strategy formulation and organizational performance Competitors in a fragmented industry Strategic Management Journal November 8 DOI 101002smj4250080305Ellerby L (2009) Analysis plus synthesis Turning data into insights UX Matters April 27 Retrieved from httpwwwuxmatterscomauthorsarchives200703lindsay_ellerbyphp Freedman L (2013) Strategy Oxford UK Oxford University PressGrant R M (2001) The resource-based theory of competitive advantage Implications for strategy formulation California Management Review Spring 1991___________ (2010) Analyzing the industry environment In Mazzucato M (ed) Strategy for business A reader London SAGE PublicationsHashemi N F Masdeh M M Razeghi A amp Rahimian A (2012) Formulating and choosing strategies using SWOT analysis and QSPM matrix A case study of Hamadan Glass CompanyHarvard Business School Review (HBR) Blog Network httpblogshbrorg Hill C W Jones G R amp Schilling M A (2015) Strategic management theory (11th Edition) London UK Cengage LearningKeeley E T (n d) How to conduct a SWOT analysis [Online] Retrieved from httpoieekuedusitesoieekuedufilesfilesSWOT20Analysispdf 10 April 2016
bull Kvint V (2009) The global emerging market Strategic management and economics New York NY Routledge Publishing Li Y Guohu S amp Eppler M J (2008) Making strategy work A literature review on factors influencing strategy implementation ICA Working Papers 22008 Institute for Corporate Communication Lugano SwitzerlandMichael Porter (nd) BrainyQuotecom Retrieved April 7 2016 from BrainyQuotecom Web site httpwwwbrainyquotecomquotesquotesmmichaelpor378202html Mitchell R C (2009) Strategy formulation [Online] Retrieved from httpwwwsaylororgsitewp-contentuploads201304BUS300-23_Strategy-Formulationpdf 10 April 2016Mintzberg H amp Quinn J B (1996) The strategy process Concepts contexts cases Upper Saddle River NJ Prentice HallMintzberg H (1978) Patterns in strategy formation Management Science 24(9) 934-948Nabradi A (nd) Strategic management process strategy formulation [Online] Retrieved from httpwwwagrunizghrmultimediapdfstrategic_mgmt_2pdfParnell J A (2005) Strategic philosophy and management level Management Decision 3(2) 157-170 Retrieved from httpwwwemeraldinsightcom00251747htm Porter M E (1991) Towards a dynamic theory of strategy Strategic Management Journal 12(S2) 95-117 Winter DOI101002smj4250121008 Porter M E (2010) What is strategy In Mazzucato M (ed) Strategy for business A reader London SAGE PublicationsRyan R (2013) Cochrane consumers and communication review group Data synthesis and analysis Cochrane Consumers and Communication Review Group June Retrieved from httpccorgcochraneorg Scouller J (2011) Three levels of leadership How to develop your leadership presence knowhow and skills Cirencester UK Management Books 2000Theocharopoulos M (2012) Strategy formulation using SWOT Retrieved from httpwwwslidesharenetmanostheocharopoulosstrategy-formulation-using-swot-15650383Ulwick A W (1999) Business strategy formulation Theory process and the intellectual revolution London UK Quorum BooksVasile T amp Iancu A (2009) A model of the strategic management processVatchkova E (2012) Contents historical development of strategy Strategic management Retrieved from httpwwwiucedueugroupmba_learning2012STRATMANEV-L1-introductionpdfWilliam E Rothschild W E (nd) httpwwwazquotescompicture-quotes Yarger H R (2006) Strategic theory for the 21st century The little book for big strategy Strategic Studies Institute Retrieved from httpwwwStrategicStudiesInstitutearmymil Yousuf M (2016) The nature of strategic management Chapter I What is strategic management Academia httpswwwacademiaedu6349510THE_NATURE_OF_STRATEGIC_MANAGEMENT_I_WHAT_IS_STRATEGIC_MANAGEMENTZan L (1990) Looking for theories in strategy studies Scandinavian Journal of Management 6(2) 89-108 httpwwwsciencedirectcomsciencearticlepii095652219090018C Zhang X Majid S amp Foo S (2010) Environmental scanning An application of information literacy skills at the work place Journal of Information Science 36(6) 719-732 DOI1011771065551510385644 httpwwwquotelandcomauthorRobert-J-Mckain-Quotes6434httpspcscaliforniaincwordpresscomcategorygeneral-management-workshop httpwwwcivilserviceindiacomsubjectManagementnotesnature-and-scope-of-strategic-managementhtml
SWOT Analysis
bull SWOT analysis is a veritable instrument or method of strategic planning use in strategy formulation
bull It evaluates strengths or advantages over others weaknesses or disadvantages relative to others opportunities or chances for progress and threats or causes for concern
bull It is the work room of strategy formulation where results of data synthesis and environmental scanning are put together for evaluation
bull It is used to identify and align strategies to available resources and capabilities to realities of the environment
Organizational Leadership
bull Organizational leadership is the management staff that provides inspiration objectives operational oversight and other administrative services to the organization often seen in Mission and Vision Statements (BusinessDictionarycom)
Strategic Management Process
bull The strategic management process (SMP) is an objective logical systematic and continuous approach for making major decisions and taking actions in an organization (Yousuf 2016)
bull It is defined as a dynamic process of strategy formulation implementation evaluation and control (Parnell 2005 David 2008 Vasile amp Iancu 2009 Vatchkova 2010 Hill Jones amp Schilling 2015 Yousuf 2016)
STRATEGIC FORMULATION AND
DATA SYNTHESIS
The Sense in Data
bull Data is most crucial in the process of choosing appropriate courses of action towards defined goals
bull Strategy formulation relies heavily on data for planning decision making and action for overall effects (Ellerby 2009)
bull Strategic control can only be achieved by data synthesis in which information is gathered refined applied and reviewed systematically over time (Ulwick 1999)
Data Synthesis in Strategic Formulation
bull Data Synthesis examines and infers relationships among sources in a clear obvious and definite format for useful in strategic formulation
bull It combines information and ideas to create and develop more ideas better focus wider perspective in an impending strategic formulation cycle
bull Output of data synthesis is useful for core insight critical thinking and testing of ideas in making next moves
bull These turn out good analysis as well as what to do next in strategy formulation towards set objectives
STRATEGIC FORMULATION AND
ENVIRONMENTAL SCANNING
The Keen Eyes of Strategy
bull Strategy requires keen sense balanced mind fast thinking quick response and accurate moves
bull Visual thinking improves mental attention skills associated with environmental scanning (Bohannon 2009)
bull A corresponding example of the keen eyes of strategy is seen in the sharp sense and high aptitude of expert computer gamers
Environmental Scanning in Strategic Formulation
bull As organizational environment increasingly become uncertain and complex environmental scanning enables organizations to detect change and formulate adaptive strategies (Zhang Majid amp Foo 2010)
bull In strategic sense environmental scanning is also about mastering the immediate locality to national regional and global surroundings within which the organization operates
bull It includes scanning strategies internal factors and perceived change leading to purposive strategy formulation
STRATEGIC FORMULATION AND
SWOT ANALYSIS
SWOT Analysis in Strategic Formulation
bull The process of taking stock of activities requires thorough examination of internal status and external context of organizations (Keeley nd)
bull SWOT analysis allows organizations to recognize themselves and their surrounding environments in order to plan implement and monitor their strategies (Hashemi et al 2012)
bull Strategy formulation is concerned with areas of strengths or advantages contributions of external factors or opportunities as well as watching for internal weaknesses and external threats
STRATEGY FORMULATION AS STRATEGIC TOOL OF
ORGANIZATIONAL LEADERSHIP
Strategy Formulation as Leadership Instrument
bull Strategy is ldquothe match an organization makes between its internal resources and skills and the opportunities and risks created by its external environmentrdquo (Grant 2001 p 114)
bull The strategic formulation cycle consisting of data synthesis environmental scanning and SWOT analysis submits to continuous review
bull It is an effective instrument of organizational leadership for effective and efficient attainment of mission and vision
Strategy Formulation and Organizational Performance
bull Consensus on objectives or methods and collaboration amongst management team members positively relates to organizational performance (Dess 2006)
bull Leadership has great influence on organizational performance particular as it relates to strategy formulation and day to day decision making actions
bull All these are tied to the cycle of vision mission and strategy formulation leading to action plan
CONCLUSION
Summary
bull The paper conceptualizes strategy formulation and its major components and discusses and correlates data synthesis environmental scanning and SWOT analysis in strategy formulation
bull It establishes strategy formulation as starting point of the strategic management process or planning and explains the conduct of strategy formulation as tool for organizational leadership
Conclusion
bull The strategy formulation is proposed as a crucial organizational leadership instrument of the strategic management process with illustrations
bull The paper draws conclusions on the foundational value and contribution of strategy formulation in the strategic management process
Recommendations
bull It strongly recommends knowledge and skills on strategy formulation and strategic management process for middle and higher executive who constitute organizational leadership
bull A simulation exercise is designed to practice on the application of strategy formulation in real world situations
SIMULATION EXERCISE
Groups of Course Participants are to prepare Strategy Formulation Schedule for the National Institute for Policy and Strategic Studies from the amended Mission and Vision of previous Exercise
ReferenceAcur N amp Englyst L (2006) Assessment of strategy formulation How to ensure quality in process and outcome International Journal of Operations and Production Management 26(1) 69-91Barney J B (1086) Types of competition and the theory of strategy Toward an integrative framework Academy of Management Review 11(4) 791-800 Retrieved from httpamraomorgcontent114791short Berg T M W Heymanns S S Leone D Vergouw J A Hayden A P Verhagen amp H Vet (2013) Overview of data-synthesis in systematic reviews of studies on outcome prediction BMC Medical Research Methodologies BMC Series Retrieved from httpbmcmmedresmethodolbiomedcentralcomarticles1011861471-2288-13-42 Bohannon J (2009) The keen eyes of a gamer Science March 30 [Online] American Association for Advancement of Science (AAAS) Retrieved from httpsciencemagorg 10 April 2016Bordean O Borza A Rus C amp Mitra C (2010) An investigation on the strategy formulation process within the Roman companies Managerial Challenges of the Contemporary Society Proceedings 26-31BusinessDictionarycom httpwwwbusinessdictionarycomdefinition-organizational-leadershiphtmlChamberlain G P (2010) Understanding strategy Charleston NC Create SpaceCorreia Z amp Wilson T D (1997) Scanning the business environment for information A grounded theory approach Information Research 2(4) April Retrieved from httpwwwinformationrnetir2-4paper21html Costa J (1997) A study of strategic planning and environmental scanning in the multi-unit Portuguese hotel sector A Thesis Submitted in Fulfillment of the Requirements for the Award of PhD Degree May Department of Management studies University of Surrey UKgtDavid F R (2008) Concepts of strategic management (6th Edition) Upper Saddle River NJ Prince-HallDess G G (2006) Consensus on strategy formulation and organizational performance Competitors in a fragmented industry Strategic Management Journal November 8 DOI 101002smj4250080305Ellerby L (2009) Analysis plus synthesis Turning data into insights UX Matters April 27 Retrieved from httpwwwuxmatterscomauthorsarchives200703lindsay_ellerbyphp Freedman L (2013) Strategy Oxford UK Oxford University PressGrant R M (2001) The resource-based theory of competitive advantage Implications for strategy formulation California Management Review Spring 1991___________ (2010) Analyzing the industry environment In Mazzucato M (ed) Strategy for business A reader London SAGE PublicationsHashemi N F Masdeh M M Razeghi A amp Rahimian A (2012) Formulating and choosing strategies using SWOT analysis and QSPM matrix A case study of Hamadan Glass CompanyHarvard Business School Review (HBR) Blog Network httpblogshbrorg Hill C W Jones G R amp Schilling M A (2015) Strategic management theory (11th Edition) London UK Cengage LearningKeeley E T (n d) How to conduct a SWOT analysis [Online] Retrieved from httpoieekuedusitesoieekuedufilesfilesSWOT20Analysispdf 10 April 2016
bull Kvint V (2009) The global emerging market Strategic management and economics New York NY Routledge Publishing Li Y Guohu S amp Eppler M J (2008) Making strategy work A literature review on factors influencing strategy implementation ICA Working Papers 22008 Institute for Corporate Communication Lugano SwitzerlandMichael Porter (nd) BrainyQuotecom Retrieved April 7 2016 from BrainyQuotecom Web site httpwwwbrainyquotecomquotesquotesmmichaelpor378202html Mitchell R C (2009) Strategy formulation [Online] Retrieved from httpwwwsaylororgsitewp-contentuploads201304BUS300-23_Strategy-Formulationpdf 10 April 2016Mintzberg H amp Quinn J B (1996) The strategy process Concepts contexts cases Upper Saddle River NJ Prentice HallMintzberg H (1978) Patterns in strategy formation Management Science 24(9) 934-948Nabradi A (nd) Strategic management process strategy formulation [Online] Retrieved from httpwwwagrunizghrmultimediapdfstrategic_mgmt_2pdfParnell J A (2005) Strategic philosophy and management level Management Decision 3(2) 157-170 Retrieved from httpwwwemeraldinsightcom00251747htm Porter M E (1991) Towards a dynamic theory of strategy Strategic Management Journal 12(S2) 95-117 Winter DOI101002smj4250121008 Porter M E (2010) What is strategy In Mazzucato M (ed) Strategy for business A reader London SAGE PublicationsRyan R (2013) Cochrane consumers and communication review group Data synthesis and analysis Cochrane Consumers and Communication Review Group June Retrieved from httpccorgcochraneorg Scouller J (2011) Three levels of leadership How to develop your leadership presence knowhow and skills Cirencester UK Management Books 2000Theocharopoulos M (2012) Strategy formulation using SWOT Retrieved from httpwwwslidesharenetmanostheocharopoulosstrategy-formulation-using-swot-15650383Ulwick A W (1999) Business strategy formulation Theory process and the intellectual revolution London UK Quorum BooksVasile T amp Iancu A (2009) A model of the strategic management processVatchkova E (2012) Contents historical development of strategy Strategic management Retrieved from httpwwwiucedueugroupmba_learning2012STRATMANEV-L1-introductionpdfWilliam E Rothschild W E (nd) httpwwwazquotescompicture-quotes Yarger H R (2006) Strategic theory for the 21st century The little book for big strategy Strategic Studies Institute Retrieved from httpwwwStrategicStudiesInstitutearmymil Yousuf M (2016) The nature of strategic management Chapter I What is strategic management Academia httpswwwacademiaedu6349510THE_NATURE_OF_STRATEGIC_MANAGEMENT_I_WHAT_IS_STRATEGIC_MANAGEMENTZan L (1990) Looking for theories in strategy studies Scandinavian Journal of Management 6(2) 89-108 httpwwwsciencedirectcomsciencearticlepii095652219090018C Zhang X Majid S amp Foo S (2010) Environmental scanning An application of information literacy skills at the work place Journal of Information Science 36(6) 719-732 DOI1011771065551510385644 httpwwwquotelandcomauthorRobert-J-Mckain-Quotes6434httpspcscaliforniaincwordpresscomcategorygeneral-management-workshop httpwwwcivilserviceindiacomsubjectManagementnotesnature-and-scope-of-strategic-managementhtml
Organizational Leadership
bull Organizational leadership is the management staff that provides inspiration objectives operational oversight and other administrative services to the organization often seen in Mission and Vision Statements (BusinessDictionarycom)
Strategic Management Process
bull The strategic management process (SMP) is an objective logical systematic and continuous approach for making major decisions and taking actions in an organization (Yousuf 2016)
bull It is defined as a dynamic process of strategy formulation implementation evaluation and control (Parnell 2005 David 2008 Vasile amp Iancu 2009 Vatchkova 2010 Hill Jones amp Schilling 2015 Yousuf 2016)
STRATEGIC FORMULATION AND
DATA SYNTHESIS
The Sense in Data
bull Data is most crucial in the process of choosing appropriate courses of action towards defined goals
bull Strategy formulation relies heavily on data for planning decision making and action for overall effects (Ellerby 2009)
bull Strategic control can only be achieved by data synthesis in which information is gathered refined applied and reviewed systematically over time (Ulwick 1999)
Data Synthesis in Strategic Formulation
bull Data Synthesis examines and infers relationships among sources in a clear obvious and definite format for useful in strategic formulation
bull It combines information and ideas to create and develop more ideas better focus wider perspective in an impending strategic formulation cycle
bull Output of data synthesis is useful for core insight critical thinking and testing of ideas in making next moves
bull These turn out good analysis as well as what to do next in strategy formulation towards set objectives
STRATEGIC FORMULATION AND
ENVIRONMENTAL SCANNING
The Keen Eyes of Strategy
bull Strategy requires keen sense balanced mind fast thinking quick response and accurate moves
bull Visual thinking improves mental attention skills associated with environmental scanning (Bohannon 2009)
bull A corresponding example of the keen eyes of strategy is seen in the sharp sense and high aptitude of expert computer gamers
Environmental Scanning in Strategic Formulation
bull As organizational environment increasingly become uncertain and complex environmental scanning enables organizations to detect change and formulate adaptive strategies (Zhang Majid amp Foo 2010)
bull In strategic sense environmental scanning is also about mastering the immediate locality to national regional and global surroundings within which the organization operates
bull It includes scanning strategies internal factors and perceived change leading to purposive strategy formulation
STRATEGIC FORMULATION AND
SWOT ANALYSIS
SWOT Analysis in Strategic Formulation
bull The process of taking stock of activities requires thorough examination of internal status and external context of organizations (Keeley nd)
bull SWOT analysis allows organizations to recognize themselves and their surrounding environments in order to plan implement and monitor their strategies (Hashemi et al 2012)
bull Strategy formulation is concerned with areas of strengths or advantages contributions of external factors or opportunities as well as watching for internal weaknesses and external threats
STRATEGY FORMULATION AS STRATEGIC TOOL OF
ORGANIZATIONAL LEADERSHIP
Strategy Formulation as Leadership Instrument
bull Strategy is ldquothe match an organization makes between its internal resources and skills and the opportunities and risks created by its external environmentrdquo (Grant 2001 p 114)
bull The strategic formulation cycle consisting of data synthesis environmental scanning and SWOT analysis submits to continuous review
bull It is an effective instrument of organizational leadership for effective and efficient attainment of mission and vision
Strategy Formulation and Organizational Performance
bull Consensus on objectives or methods and collaboration amongst management team members positively relates to organizational performance (Dess 2006)
bull Leadership has great influence on organizational performance particular as it relates to strategy formulation and day to day decision making actions
bull All these are tied to the cycle of vision mission and strategy formulation leading to action plan
CONCLUSION
Summary
bull The paper conceptualizes strategy formulation and its major components and discusses and correlates data synthesis environmental scanning and SWOT analysis in strategy formulation
bull It establishes strategy formulation as starting point of the strategic management process or planning and explains the conduct of strategy formulation as tool for organizational leadership
Conclusion
bull The strategy formulation is proposed as a crucial organizational leadership instrument of the strategic management process with illustrations
bull The paper draws conclusions on the foundational value and contribution of strategy formulation in the strategic management process
Recommendations
bull It strongly recommends knowledge and skills on strategy formulation and strategic management process for middle and higher executive who constitute organizational leadership
bull A simulation exercise is designed to practice on the application of strategy formulation in real world situations
SIMULATION EXERCISE
Groups of Course Participants are to prepare Strategy Formulation Schedule for the National Institute for Policy and Strategic Studies from the amended Mission and Vision of previous Exercise
ReferenceAcur N amp Englyst L (2006) Assessment of strategy formulation How to ensure quality in process and outcome International Journal of Operations and Production Management 26(1) 69-91Barney J B (1086) Types of competition and the theory of strategy Toward an integrative framework Academy of Management Review 11(4) 791-800 Retrieved from httpamraomorgcontent114791short Berg T M W Heymanns S S Leone D Vergouw J A Hayden A P Verhagen amp H Vet (2013) Overview of data-synthesis in systematic reviews of studies on outcome prediction BMC Medical Research Methodologies BMC Series Retrieved from httpbmcmmedresmethodolbiomedcentralcomarticles1011861471-2288-13-42 Bohannon J (2009) The keen eyes of a gamer Science March 30 [Online] American Association for Advancement of Science (AAAS) Retrieved from httpsciencemagorg 10 April 2016Bordean O Borza A Rus C amp Mitra C (2010) An investigation on the strategy formulation process within the Roman companies Managerial Challenges of the Contemporary Society Proceedings 26-31BusinessDictionarycom httpwwwbusinessdictionarycomdefinition-organizational-leadershiphtmlChamberlain G P (2010) Understanding strategy Charleston NC Create SpaceCorreia Z amp Wilson T D (1997) Scanning the business environment for information A grounded theory approach Information Research 2(4) April Retrieved from httpwwwinformationrnetir2-4paper21html Costa J (1997) A study of strategic planning and environmental scanning in the multi-unit Portuguese hotel sector A Thesis Submitted in Fulfillment of the Requirements for the Award of PhD Degree May Department of Management studies University of Surrey UKgtDavid F R (2008) Concepts of strategic management (6th Edition) Upper Saddle River NJ Prince-HallDess G G (2006) Consensus on strategy formulation and organizational performance Competitors in a fragmented industry Strategic Management Journal November 8 DOI 101002smj4250080305Ellerby L (2009) Analysis plus synthesis Turning data into insights UX Matters April 27 Retrieved from httpwwwuxmatterscomauthorsarchives200703lindsay_ellerbyphp Freedman L (2013) Strategy Oxford UK Oxford University PressGrant R M (2001) The resource-based theory of competitive advantage Implications for strategy formulation California Management Review Spring 1991___________ (2010) Analyzing the industry environment In Mazzucato M (ed) Strategy for business A reader London SAGE PublicationsHashemi N F Masdeh M M Razeghi A amp Rahimian A (2012) Formulating and choosing strategies using SWOT analysis and QSPM matrix A case study of Hamadan Glass CompanyHarvard Business School Review (HBR) Blog Network httpblogshbrorg Hill C W Jones G R amp Schilling M A (2015) Strategic management theory (11th Edition) London UK Cengage LearningKeeley E T (n d) How to conduct a SWOT analysis [Online] Retrieved from httpoieekuedusitesoieekuedufilesfilesSWOT20Analysispdf 10 April 2016
bull Kvint V (2009) The global emerging market Strategic management and economics New York NY Routledge Publishing Li Y Guohu S amp Eppler M J (2008) Making strategy work A literature review on factors influencing strategy implementation ICA Working Papers 22008 Institute for Corporate Communication Lugano SwitzerlandMichael Porter (nd) BrainyQuotecom Retrieved April 7 2016 from BrainyQuotecom Web site httpwwwbrainyquotecomquotesquotesmmichaelpor378202html Mitchell R C (2009) Strategy formulation [Online] Retrieved from httpwwwsaylororgsitewp-contentuploads201304BUS300-23_Strategy-Formulationpdf 10 April 2016Mintzberg H amp Quinn J B (1996) The strategy process Concepts contexts cases Upper Saddle River NJ Prentice HallMintzberg H (1978) Patterns in strategy formation Management Science 24(9) 934-948Nabradi A (nd) Strategic management process strategy formulation [Online] Retrieved from httpwwwagrunizghrmultimediapdfstrategic_mgmt_2pdfParnell J A (2005) Strategic philosophy and management level Management Decision 3(2) 157-170 Retrieved from httpwwwemeraldinsightcom00251747htm Porter M E (1991) Towards a dynamic theory of strategy Strategic Management Journal 12(S2) 95-117 Winter DOI101002smj4250121008 Porter M E (2010) What is strategy In Mazzucato M (ed) Strategy for business A reader London SAGE PublicationsRyan R (2013) Cochrane consumers and communication review group Data synthesis and analysis Cochrane Consumers and Communication Review Group June Retrieved from httpccorgcochraneorg Scouller J (2011) Three levels of leadership How to develop your leadership presence knowhow and skills Cirencester UK Management Books 2000Theocharopoulos M (2012) Strategy formulation using SWOT Retrieved from httpwwwslidesharenetmanostheocharopoulosstrategy-formulation-using-swot-15650383Ulwick A W (1999) Business strategy formulation Theory process and the intellectual revolution London UK Quorum BooksVasile T amp Iancu A (2009) A model of the strategic management processVatchkova E (2012) Contents historical development of strategy Strategic management Retrieved from httpwwwiucedueugroupmba_learning2012STRATMANEV-L1-introductionpdfWilliam E Rothschild W E (nd) httpwwwazquotescompicture-quotes Yarger H R (2006) Strategic theory for the 21st century The little book for big strategy Strategic Studies Institute Retrieved from httpwwwStrategicStudiesInstitutearmymil Yousuf M (2016) The nature of strategic management Chapter I What is strategic management Academia httpswwwacademiaedu6349510THE_NATURE_OF_STRATEGIC_MANAGEMENT_I_WHAT_IS_STRATEGIC_MANAGEMENTZan L (1990) Looking for theories in strategy studies Scandinavian Journal of Management 6(2) 89-108 httpwwwsciencedirectcomsciencearticlepii095652219090018C Zhang X Majid S amp Foo S (2010) Environmental scanning An application of information literacy skills at the work place Journal of Information Science 36(6) 719-732 DOI1011771065551510385644 httpwwwquotelandcomauthorRobert-J-Mckain-Quotes6434httpspcscaliforniaincwordpresscomcategorygeneral-management-workshop httpwwwcivilserviceindiacomsubjectManagementnotesnature-and-scope-of-strategic-managementhtml
Strategic Management Process
bull The strategic management process (SMP) is an objective logical systematic and continuous approach for making major decisions and taking actions in an organization (Yousuf 2016)
bull It is defined as a dynamic process of strategy formulation implementation evaluation and control (Parnell 2005 David 2008 Vasile amp Iancu 2009 Vatchkova 2010 Hill Jones amp Schilling 2015 Yousuf 2016)
STRATEGIC FORMULATION AND
DATA SYNTHESIS
The Sense in Data
bull Data is most crucial in the process of choosing appropriate courses of action towards defined goals
bull Strategy formulation relies heavily on data for planning decision making and action for overall effects (Ellerby 2009)
bull Strategic control can only be achieved by data synthesis in which information is gathered refined applied and reviewed systematically over time (Ulwick 1999)
Data Synthesis in Strategic Formulation
bull Data Synthesis examines and infers relationships among sources in a clear obvious and definite format for useful in strategic formulation
bull It combines information and ideas to create and develop more ideas better focus wider perspective in an impending strategic formulation cycle
bull Output of data synthesis is useful for core insight critical thinking and testing of ideas in making next moves
bull These turn out good analysis as well as what to do next in strategy formulation towards set objectives
STRATEGIC FORMULATION AND
ENVIRONMENTAL SCANNING
The Keen Eyes of Strategy
bull Strategy requires keen sense balanced mind fast thinking quick response and accurate moves
bull Visual thinking improves mental attention skills associated with environmental scanning (Bohannon 2009)
bull A corresponding example of the keen eyes of strategy is seen in the sharp sense and high aptitude of expert computer gamers
Environmental Scanning in Strategic Formulation
bull As organizational environment increasingly become uncertain and complex environmental scanning enables organizations to detect change and formulate adaptive strategies (Zhang Majid amp Foo 2010)
bull In strategic sense environmental scanning is also about mastering the immediate locality to national regional and global surroundings within which the organization operates
bull It includes scanning strategies internal factors and perceived change leading to purposive strategy formulation
STRATEGIC FORMULATION AND
SWOT ANALYSIS
SWOT Analysis in Strategic Formulation
bull The process of taking stock of activities requires thorough examination of internal status and external context of organizations (Keeley nd)
bull SWOT analysis allows organizations to recognize themselves and their surrounding environments in order to plan implement and monitor their strategies (Hashemi et al 2012)
bull Strategy formulation is concerned with areas of strengths or advantages contributions of external factors or opportunities as well as watching for internal weaknesses and external threats
STRATEGY FORMULATION AS STRATEGIC TOOL OF
ORGANIZATIONAL LEADERSHIP
Strategy Formulation as Leadership Instrument
bull Strategy is ldquothe match an organization makes between its internal resources and skills and the opportunities and risks created by its external environmentrdquo (Grant 2001 p 114)
bull The strategic formulation cycle consisting of data synthesis environmental scanning and SWOT analysis submits to continuous review
bull It is an effective instrument of organizational leadership for effective and efficient attainment of mission and vision
Strategy Formulation and Organizational Performance
bull Consensus on objectives or methods and collaboration amongst management team members positively relates to organizational performance (Dess 2006)
bull Leadership has great influence on organizational performance particular as it relates to strategy formulation and day to day decision making actions
bull All these are tied to the cycle of vision mission and strategy formulation leading to action plan
CONCLUSION
Summary
bull The paper conceptualizes strategy formulation and its major components and discusses and correlates data synthesis environmental scanning and SWOT analysis in strategy formulation
bull It establishes strategy formulation as starting point of the strategic management process or planning and explains the conduct of strategy formulation as tool for organizational leadership
Conclusion
bull The strategy formulation is proposed as a crucial organizational leadership instrument of the strategic management process with illustrations
bull The paper draws conclusions on the foundational value and contribution of strategy formulation in the strategic management process
Recommendations
bull It strongly recommends knowledge and skills on strategy formulation and strategic management process for middle and higher executive who constitute organizational leadership
bull A simulation exercise is designed to practice on the application of strategy formulation in real world situations
SIMULATION EXERCISE
Groups of Course Participants are to prepare Strategy Formulation Schedule for the National Institute for Policy and Strategic Studies from the amended Mission and Vision of previous Exercise
ReferenceAcur N amp Englyst L (2006) Assessment of strategy formulation How to ensure quality in process and outcome International Journal of Operations and Production Management 26(1) 69-91Barney J B (1086) Types of competition and the theory of strategy Toward an integrative framework Academy of Management Review 11(4) 791-800 Retrieved from httpamraomorgcontent114791short Berg T M W Heymanns S S Leone D Vergouw J A Hayden A P Verhagen amp H Vet (2013) Overview of data-synthesis in systematic reviews of studies on outcome prediction BMC Medical Research Methodologies BMC Series Retrieved from httpbmcmmedresmethodolbiomedcentralcomarticles1011861471-2288-13-42 Bohannon J (2009) The keen eyes of a gamer Science March 30 [Online] American Association for Advancement of Science (AAAS) Retrieved from httpsciencemagorg 10 April 2016Bordean O Borza A Rus C amp Mitra C (2010) An investigation on the strategy formulation process within the Roman companies Managerial Challenges of the Contemporary Society Proceedings 26-31BusinessDictionarycom httpwwwbusinessdictionarycomdefinition-organizational-leadershiphtmlChamberlain G P (2010) Understanding strategy Charleston NC Create SpaceCorreia Z amp Wilson T D (1997) Scanning the business environment for information A grounded theory approach Information Research 2(4) April Retrieved from httpwwwinformationrnetir2-4paper21html Costa J (1997) A study of strategic planning and environmental scanning in the multi-unit Portuguese hotel sector A Thesis Submitted in Fulfillment of the Requirements for the Award of PhD Degree May Department of Management studies University of Surrey UKgtDavid F R (2008) Concepts of strategic management (6th Edition) Upper Saddle River NJ Prince-HallDess G G (2006) Consensus on strategy formulation and organizational performance Competitors in a fragmented industry Strategic Management Journal November 8 DOI 101002smj4250080305Ellerby L (2009) Analysis plus synthesis Turning data into insights UX Matters April 27 Retrieved from httpwwwuxmatterscomauthorsarchives200703lindsay_ellerbyphp Freedman L (2013) Strategy Oxford UK Oxford University PressGrant R M (2001) The resource-based theory of competitive advantage Implications for strategy formulation California Management Review Spring 1991___________ (2010) Analyzing the industry environment In Mazzucato M (ed) Strategy for business A reader London SAGE PublicationsHashemi N F Masdeh M M Razeghi A amp Rahimian A (2012) Formulating and choosing strategies using SWOT analysis and QSPM matrix A case study of Hamadan Glass CompanyHarvard Business School Review (HBR) Blog Network httpblogshbrorg Hill C W Jones G R amp Schilling M A (2015) Strategic management theory (11th Edition) London UK Cengage LearningKeeley E T (n d) How to conduct a SWOT analysis [Online] Retrieved from httpoieekuedusitesoieekuedufilesfilesSWOT20Analysispdf 10 April 2016
bull Kvint V (2009) The global emerging market Strategic management and economics New York NY Routledge Publishing Li Y Guohu S amp Eppler M J (2008) Making strategy work A literature review on factors influencing strategy implementation ICA Working Papers 22008 Institute for Corporate Communication Lugano SwitzerlandMichael Porter (nd) BrainyQuotecom Retrieved April 7 2016 from BrainyQuotecom Web site httpwwwbrainyquotecomquotesquotesmmichaelpor378202html Mitchell R C (2009) Strategy formulation [Online] Retrieved from httpwwwsaylororgsitewp-contentuploads201304BUS300-23_Strategy-Formulationpdf 10 April 2016Mintzberg H amp Quinn J B (1996) The strategy process Concepts contexts cases Upper Saddle River NJ Prentice HallMintzberg H (1978) Patterns in strategy formation Management Science 24(9) 934-948Nabradi A (nd) Strategic management process strategy formulation [Online] Retrieved from httpwwwagrunizghrmultimediapdfstrategic_mgmt_2pdfParnell J A (2005) Strategic philosophy and management level Management Decision 3(2) 157-170 Retrieved from httpwwwemeraldinsightcom00251747htm Porter M E (1991) Towards a dynamic theory of strategy Strategic Management Journal 12(S2) 95-117 Winter DOI101002smj4250121008 Porter M E (2010) What is strategy In Mazzucato M (ed) Strategy for business A reader London SAGE PublicationsRyan R (2013) Cochrane consumers and communication review group Data synthesis and analysis Cochrane Consumers and Communication Review Group June Retrieved from httpccorgcochraneorg Scouller J (2011) Three levels of leadership How to develop your leadership presence knowhow and skills Cirencester UK Management Books 2000Theocharopoulos M (2012) Strategy formulation using SWOT Retrieved from httpwwwslidesharenetmanostheocharopoulosstrategy-formulation-using-swot-15650383Ulwick A W (1999) Business strategy formulation Theory process and the intellectual revolution London UK Quorum BooksVasile T amp Iancu A (2009) A model of the strategic management processVatchkova E (2012) Contents historical development of strategy Strategic management Retrieved from httpwwwiucedueugroupmba_learning2012STRATMANEV-L1-introductionpdfWilliam E Rothschild W E (nd) httpwwwazquotescompicture-quotes Yarger H R (2006) Strategic theory for the 21st century The little book for big strategy Strategic Studies Institute Retrieved from httpwwwStrategicStudiesInstitutearmymil Yousuf M (2016) The nature of strategic management Chapter I What is strategic management Academia httpswwwacademiaedu6349510THE_NATURE_OF_STRATEGIC_MANAGEMENT_I_WHAT_IS_STRATEGIC_MANAGEMENTZan L (1990) Looking for theories in strategy studies Scandinavian Journal of Management 6(2) 89-108 httpwwwsciencedirectcomsciencearticlepii095652219090018C Zhang X Majid S amp Foo S (2010) Environmental scanning An application of information literacy skills at the work place Journal of Information Science 36(6) 719-732 DOI1011771065551510385644 httpwwwquotelandcomauthorRobert-J-Mckain-Quotes6434httpspcscaliforniaincwordpresscomcategorygeneral-management-workshop httpwwwcivilserviceindiacomsubjectManagementnotesnature-and-scope-of-strategic-managementhtml
STRATEGIC FORMULATION AND
DATA SYNTHESIS
The Sense in Data
bull Data is most crucial in the process of choosing appropriate courses of action towards defined goals
bull Strategy formulation relies heavily on data for planning decision making and action for overall effects (Ellerby 2009)
bull Strategic control can only be achieved by data synthesis in which information is gathered refined applied and reviewed systematically over time (Ulwick 1999)
Data Synthesis in Strategic Formulation
bull Data Synthesis examines and infers relationships among sources in a clear obvious and definite format for useful in strategic formulation
bull It combines information and ideas to create and develop more ideas better focus wider perspective in an impending strategic formulation cycle
bull Output of data synthesis is useful for core insight critical thinking and testing of ideas in making next moves
bull These turn out good analysis as well as what to do next in strategy formulation towards set objectives
STRATEGIC FORMULATION AND
ENVIRONMENTAL SCANNING
The Keen Eyes of Strategy
bull Strategy requires keen sense balanced mind fast thinking quick response and accurate moves
bull Visual thinking improves mental attention skills associated with environmental scanning (Bohannon 2009)
bull A corresponding example of the keen eyes of strategy is seen in the sharp sense and high aptitude of expert computer gamers
Environmental Scanning in Strategic Formulation
bull As organizational environment increasingly become uncertain and complex environmental scanning enables organizations to detect change and formulate adaptive strategies (Zhang Majid amp Foo 2010)
bull In strategic sense environmental scanning is also about mastering the immediate locality to national regional and global surroundings within which the organization operates
bull It includes scanning strategies internal factors and perceived change leading to purposive strategy formulation
STRATEGIC FORMULATION AND
SWOT ANALYSIS
SWOT Analysis in Strategic Formulation
bull The process of taking stock of activities requires thorough examination of internal status and external context of organizations (Keeley nd)
bull SWOT analysis allows organizations to recognize themselves and their surrounding environments in order to plan implement and monitor their strategies (Hashemi et al 2012)
bull Strategy formulation is concerned with areas of strengths or advantages contributions of external factors or opportunities as well as watching for internal weaknesses and external threats
STRATEGY FORMULATION AS STRATEGIC TOOL OF
ORGANIZATIONAL LEADERSHIP
Strategy Formulation as Leadership Instrument
bull Strategy is ldquothe match an organization makes between its internal resources and skills and the opportunities and risks created by its external environmentrdquo (Grant 2001 p 114)
bull The strategic formulation cycle consisting of data synthesis environmental scanning and SWOT analysis submits to continuous review
bull It is an effective instrument of organizational leadership for effective and efficient attainment of mission and vision
Strategy Formulation and Organizational Performance
bull Consensus on objectives or methods and collaboration amongst management team members positively relates to organizational performance (Dess 2006)
bull Leadership has great influence on organizational performance particular as it relates to strategy formulation and day to day decision making actions
bull All these are tied to the cycle of vision mission and strategy formulation leading to action plan
CONCLUSION
Summary
bull The paper conceptualizes strategy formulation and its major components and discusses and correlates data synthesis environmental scanning and SWOT analysis in strategy formulation
bull It establishes strategy formulation as starting point of the strategic management process or planning and explains the conduct of strategy formulation as tool for organizational leadership
Conclusion
bull The strategy formulation is proposed as a crucial organizational leadership instrument of the strategic management process with illustrations
bull The paper draws conclusions on the foundational value and contribution of strategy formulation in the strategic management process
Recommendations
bull It strongly recommends knowledge and skills on strategy formulation and strategic management process for middle and higher executive who constitute organizational leadership
bull A simulation exercise is designed to practice on the application of strategy formulation in real world situations
SIMULATION EXERCISE
Groups of Course Participants are to prepare Strategy Formulation Schedule for the National Institute for Policy and Strategic Studies from the amended Mission and Vision of previous Exercise
ReferenceAcur N amp Englyst L (2006) Assessment of strategy formulation How to ensure quality in process and outcome International Journal of Operations and Production Management 26(1) 69-91Barney J B (1086) Types of competition and the theory of strategy Toward an integrative framework Academy of Management Review 11(4) 791-800 Retrieved from httpamraomorgcontent114791short Berg T M W Heymanns S S Leone D Vergouw J A Hayden A P Verhagen amp H Vet (2013) Overview of data-synthesis in systematic reviews of studies on outcome prediction BMC Medical Research Methodologies BMC Series Retrieved from httpbmcmmedresmethodolbiomedcentralcomarticles1011861471-2288-13-42 Bohannon J (2009) The keen eyes of a gamer Science March 30 [Online] American Association for Advancement of Science (AAAS) Retrieved from httpsciencemagorg 10 April 2016Bordean O Borza A Rus C amp Mitra C (2010) An investigation on the strategy formulation process within the Roman companies Managerial Challenges of the Contemporary Society Proceedings 26-31BusinessDictionarycom httpwwwbusinessdictionarycomdefinition-organizational-leadershiphtmlChamberlain G P (2010) Understanding strategy Charleston NC Create SpaceCorreia Z amp Wilson T D (1997) Scanning the business environment for information A grounded theory approach Information Research 2(4) April Retrieved from httpwwwinformationrnetir2-4paper21html Costa J (1997) A study of strategic planning and environmental scanning in the multi-unit Portuguese hotel sector A Thesis Submitted in Fulfillment of the Requirements for the Award of PhD Degree May Department of Management studies University of Surrey UKgtDavid F R (2008) Concepts of strategic management (6th Edition) Upper Saddle River NJ Prince-HallDess G G (2006) Consensus on strategy formulation and organizational performance Competitors in a fragmented industry Strategic Management Journal November 8 DOI 101002smj4250080305Ellerby L (2009) Analysis plus synthesis Turning data into insights UX Matters April 27 Retrieved from httpwwwuxmatterscomauthorsarchives200703lindsay_ellerbyphp Freedman L (2013) Strategy Oxford UK Oxford University PressGrant R M (2001) The resource-based theory of competitive advantage Implications for strategy formulation California Management Review Spring 1991___________ (2010) Analyzing the industry environment In Mazzucato M (ed) Strategy for business A reader London SAGE PublicationsHashemi N F Masdeh M M Razeghi A amp Rahimian A (2012) Formulating and choosing strategies using SWOT analysis and QSPM matrix A case study of Hamadan Glass CompanyHarvard Business School Review (HBR) Blog Network httpblogshbrorg Hill C W Jones G R amp Schilling M A (2015) Strategic management theory (11th Edition) London UK Cengage LearningKeeley E T (n d) How to conduct a SWOT analysis [Online] Retrieved from httpoieekuedusitesoieekuedufilesfilesSWOT20Analysispdf 10 April 2016
bull Kvint V (2009) The global emerging market Strategic management and economics New York NY Routledge Publishing Li Y Guohu S amp Eppler M J (2008) Making strategy work A literature review on factors influencing strategy implementation ICA Working Papers 22008 Institute for Corporate Communication Lugano SwitzerlandMichael Porter (nd) BrainyQuotecom Retrieved April 7 2016 from BrainyQuotecom Web site httpwwwbrainyquotecomquotesquotesmmichaelpor378202html Mitchell R C (2009) Strategy formulation [Online] Retrieved from httpwwwsaylororgsitewp-contentuploads201304BUS300-23_Strategy-Formulationpdf 10 April 2016Mintzberg H amp Quinn J B (1996) The strategy process Concepts contexts cases Upper Saddle River NJ Prentice HallMintzberg H (1978) Patterns in strategy formation Management Science 24(9) 934-948Nabradi A (nd) Strategic management process strategy formulation [Online] Retrieved from httpwwwagrunizghrmultimediapdfstrategic_mgmt_2pdfParnell J A (2005) Strategic philosophy and management level Management Decision 3(2) 157-170 Retrieved from httpwwwemeraldinsightcom00251747htm Porter M E (1991) Towards a dynamic theory of strategy Strategic Management Journal 12(S2) 95-117 Winter DOI101002smj4250121008 Porter M E (2010) What is strategy In Mazzucato M (ed) Strategy for business A reader London SAGE PublicationsRyan R (2013) Cochrane consumers and communication review group Data synthesis and analysis Cochrane Consumers and Communication Review Group June Retrieved from httpccorgcochraneorg Scouller J (2011) Three levels of leadership How to develop your leadership presence knowhow and skills Cirencester UK Management Books 2000Theocharopoulos M (2012) Strategy formulation using SWOT Retrieved from httpwwwslidesharenetmanostheocharopoulosstrategy-formulation-using-swot-15650383Ulwick A W (1999) Business strategy formulation Theory process and the intellectual revolution London UK Quorum BooksVasile T amp Iancu A (2009) A model of the strategic management processVatchkova E (2012) Contents historical development of strategy Strategic management Retrieved from httpwwwiucedueugroupmba_learning2012STRATMANEV-L1-introductionpdfWilliam E Rothschild W E (nd) httpwwwazquotescompicture-quotes Yarger H R (2006) Strategic theory for the 21st century The little book for big strategy Strategic Studies Institute Retrieved from httpwwwStrategicStudiesInstitutearmymil Yousuf M (2016) The nature of strategic management Chapter I What is strategic management Academia httpswwwacademiaedu6349510THE_NATURE_OF_STRATEGIC_MANAGEMENT_I_WHAT_IS_STRATEGIC_MANAGEMENTZan L (1990) Looking for theories in strategy studies Scandinavian Journal of Management 6(2) 89-108 httpwwwsciencedirectcomsciencearticlepii095652219090018C Zhang X Majid S amp Foo S (2010) Environmental scanning An application of information literacy skills at the work place Journal of Information Science 36(6) 719-732 DOI1011771065551510385644 httpwwwquotelandcomauthorRobert-J-Mckain-Quotes6434httpspcscaliforniaincwordpresscomcategorygeneral-management-workshop httpwwwcivilserviceindiacomsubjectManagementnotesnature-and-scope-of-strategic-managementhtml
The Sense in Data
bull Data is most crucial in the process of choosing appropriate courses of action towards defined goals
bull Strategy formulation relies heavily on data for planning decision making and action for overall effects (Ellerby 2009)
bull Strategic control can only be achieved by data synthesis in which information is gathered refined applied and reviewed systematically over time (Ulwick 1999)
Data Synthesis in Strategic Formulation
bull Data Synthesis examines and infers relationships among sources in a clear obvious and definite format for useful in strategic formulation
bull It combines information and ideas to create and develop more ideas better focus wider perspective in an impending strategic formulation cycle
bull Output of data synthesis is useful for core insight critical thinking and testing of ideas in making next moves
bull These turn out good analysis as well as what to do next in strategy formulation towards set objectives
STRATEGIC FORMULATION AND
ENVIRONMENTAL SCANNING
The Keen Eyes of Strategy
bull Strategy requires keen sense balanced mind fast thinking quick response and accurate moves
bull Visual thinking improves mental attention skills associated with environmental scanning (Bohannon 2009)
bull A corresponding example of the keen eyes of strategy is seen in the sharp sense and high aptitude of expert computer gamers
Environmental Scanning in Strategic Formulation
bull As organizational environment increasingly become uncertain and complex environmental scanning enables organizations to detect change and formulate adaptive strategies (Zhang Majid amp Foo 2010)
bull In strategic sense environmental scanning is also about mastering the immediate locality to national regional and global surroundings within which the organization operates
bull It includes scanning strategies internal factors and perceived change leading to purposive strategy formulation
STRATEGIC FORMULATION AND
SWOT ANALYSIS
SWOT Analysis in Strategic Formulation
bull The process of taking stock of activities requires thorough examination of internal status and external context of organizations (Keeley nd)
bull SWOT analysis allows organizations to recognize themselves and their surrounding environments in order to plan implement and monitor their strategies (Hashemi et al 2012)
bull Strategy formulation is concerned with areas of strengths or advantages contributions of external factors or opportunities as well as watching for internal weaknesses and external threats
STRATEGY FORMULATION AS STRATEGIC TOOL OF
ORGANIZATIONAL LEADERSHIP
Strategy Formulation as Leadership Instrument
bull Strategy is ldquothe match an organization makes between its internal resources and skills and the opportunities and risks created by its external environmentrdquo (Grant 2001 p 114)
bull The strategic formulation cycle consisting of data synthesis environmental scanning and SWOT analysis submits to continuous review
bull It is an effective instrument of organizational leadership for effective and efficient attainment of mission and vision
Strategy Formulation and Organizational Performance
bull Consensus on objectives or methods and collaboration amongst management team members positively relates to organizational performance (Dess 2006)
bull Leadership has great influence on organizational performance particular as it relates to strategy formulation and day to day decision making actions
bull All these are tied to the cycle of vision mission and strategy formulation leading to action plan
CONCLUSION
Summary
bull The paper conceptualizes strategy formulation and its major components and discusses and correlates data synthesis environmental scanning and SWOT analysis in strategy formulation
bull It establishes strategy formulation as starting point of the strategic management process or planning and explains the conduct of strategy formulation as tool for organizational leadership
Conclusion
bull The strategy formulation is proposed as a crucial organizational leadership instrument of the strategic management process with illustrations
bull The paper draws conclusions on the foundational value and contribution of strategy formulation in the strategic management process
Recommendations
bull It strongly recommends knowledge and skills on strategy formulation and strategic management process for middle and higher executive who constitute organizational leadership
bull A simulation exercise is designed to practice on the application of strategy formulation in real world situations
SIMULATION EXERCISE
Groups of Course Participants are to prepare Strategy Formulation Schedule for the National Institute for Policy and Strategic Studies from the amended Mission and Vision of previous Exercise
ReferenceAcur N amp Englyst L (2006) Assessment of strategy formulation How to ensure quality in process and outcome International Journal of Operations and Production Management 26(1) 69-91Barney J B (1086) Types of competition and the theory of strategy Toward an integrative framework Academy of Management Review 11(4) 791-800 Retrieved from httpamraomorgcontent114791short Berg T M W Heymanns S S Leone D Vergouw J A Hayden A P Verhagen amp H Vet (2013) Overview of data-synthesis in systematic reviews of studies on outcome prediction BMC Medical Research Methodologies BMC Series Retrieved from httpbmcmmedresmethodolbiomedcentralcomarticles1011861471-2288-13-42 Bohannon J (2009) The keen eyes of a gamer Science March 30 [Online] American Association for Advancement of Science (AAAS) Retrieved from httpsciencemagorg 10 April 2016Bordean O Borza A Rus C amp Mitra C (2010) An investigation on the strategy formulation process within the Roman companies Managerial Challenges of the Contemporary Society Proceedings 26-31BusinessDictionarycom httpwwwbusinessdictionarycomdefinition-organizational-leadershiphtmlChamberlain G P (2010) Understanding strategy Charleston NC Create SpaceCorreia Z amp Wilson T D (1997) Scanning the business environment for information A grounded theory approach Information Research 2(4) April Retrieved from httpwwwinformationrnetir2-4paper21html Costa J (1997) A study of strategic planning and environmental scanning in the multi-unit Portuguese hotel sector A Thesis Submitted in Fulfillment of the Requirements for the Award of PhD Degree May Department of Management studies University of Surrey UKgtDavid F R (2008) Concepts of strategic management (6th Edition) Upper Saddle River NJ Prince-HallDess G G (2006) Consensus on strategy formulation and organizational performance Competitors in a fragmented industry Strategic Management Journal November 8 DOI 101002smj4250080305Ellerby L (2009) Analysis plus synthesis Turning data into insights UX Matters April 27 Retrieved from httpwwwuxmatterscomauthorsarchives200703lindsay_ellerbyphp Freedman L (2013) Strategy Oxford UK Oxford University PressGrant R M (2001) The resource-based theory of competitive advantage Implications for strategy formulation California Management Review Spring 1991___________ (2010) Analyzing the industry environment In Mazzucato M (ed) Strategy for business A reader London SAGE PublicationsHashemi N F Masdeh M M Razeghi A amp Rahimian A (2012) Formulating and choosing strategies using SWOT analysis and QSPM matrix A case study of Hamadan Glass CompanyHarvard Business School Review (HBR) Blog Network httpblogshbrorg Hill C W Jones G R amp Schilling M A (2015) Strategic management theory (11th Edition) London UK Cengage LearningKeeley E T (n d) How to conduct a SWOT analysis [Online] Retrieved from httpoieekuedusitesoieekuedufilesfilesSWOT20Analysispdf 10 April 2016
bull Kvint V (2009) The global emerging market Strategic management and economics New York NY Routledge Publishing Li Y Guohu S amp Eppler M J (2008) Making strategy work A literature review on factors influencing strategy implementation ICA Working Papers 22008 Institute for Corporate Communication Lugano SwitzerlandMichael Porter (nd) BrainyQuotecom Retrieved April 7 2016 from BrainyQuotecom Web site httpwwwbrainyquotecomquotesquotesmmichaelpor378202html Mitchell R C (2009) Strategy formulation [Online] Retrieved from httpwwwsaylororgsitewp-contentuploads201304BUS300-23_Strategy-Formulationpdf 10 April 2016Mintzberg H amp Quinn J B (1996) The strategy process Concepts contexts cases Upper Saddle River NJ Prentice HallMintzberg H (1978) Patterns in strategy formation Management Science 24(9) 934-948Nabradi A (nd) Strategic management process strategy formulation [Online] Retrieved from httpwwwagrunizghrmultimediapdfstrategic_mgmt_2pdfParnell J A (2005) Strategic philosophy and management level Management Decision 3(2) 157-170 Retrieved from httpwwwemeraldinsightcom00251747htm Porter M E (1991) Towards a dynamic theory of strategy Strategic Management Journal 12(S2) 95-117 Winter DOI101002smj4250121008 Porter M E (2010) What is strategy In Mazzucato M (ed) Strategy for business A reader London SAGE PublicationsRyan R (2013) Cochrane consumers and communication review group Data synthesis and analysis Cochrane Consumers and Communication Review Group June Retrieved from httpccorgcochraneorg Scouller J (2011) Three levels of leadership How to develop your leadership presence knowhow and skills Cirencester UK Management Books 2000Theocharopoulos M (2012) Strategy formulation using SWOT Retrieved from httpwwwslidesharenetmanostheocharopoulosstrategy-formulation-using-swot-15650383Ulwick A W (1999) Business strategy formulation Theory process and the intellectual revolution London UK Quorum BooksVasile T amp Iancu A (2009) A model of the strategic management processVatchkova E (2012) Contents historical development of strategy Strategic management Retrieved from httpwwwiucedueugroupmba_learning2012STRATMANEV-L1-introductionpdfWilliam E Rothschild W E (nd) httpwwwazquotescompicture-quotes Yarger H R (2006) Strategic theory for the 21st century The little book for big strategy Strategic Studies Institute Retrieved from httpwwwStrategicStudiesInstitutearmymil Yousuf M (2016) The nature of strategic management Chapter I What is strategic management Academia httpswwwacademiaedu6349510THE_NATURE_OF_STRATEGIC_MANAGEMENT_I_WHAT_IS_STRATEGIC_MANAGEMENTZan L (1990) Looking for theories in strategy studies Scandinavian Journal of Management 6(2) 89-108 httpwwwsciencedirectcomsciencearticlepii095652219090018C Zhang X Majid S amp Foo S (2010) Environmental scanning An application of information literacy skills at the work place Journal of Information Science 36(6) 719-732 DOI1011771065551510385644 httpwwwquotelandcomauthorRobert-J-Mckain-Quotes6434httpspcscaliforniaincwordpresscomcategorygeneral-management-workshop httpwwwcivilserviceindiacomsubjectManagementnotesnature-and-scope-of-strategic-managementhtml
Data Synthesis in Strategic Formulation
bull Data Synthesis examines and infers relationships among sources in a clear obvious and definite format for useful in strategic formulation
bull It combines information and ideas to create and develop more ideas better focus wider perspective in an impending strategic formulation cycle
bull Output of data synthesis is useful for core insight critical thinking and testing of ideas in making next moves
bull These turn out good analysis as well as what to do next in strategy formulation towards set objectives
STRATEGIC FORMULATION AND
ENVIRONMENTAL SCANNING
The Keen Eyes of Strategy
bull Strategy requires keen sense balanced mind fast thinking quick response and accurate moves
bull Visual thinking improves mental attention skills associated with environmental scanning (Bohannon 2009)
bull A corresponding example of the keen eyes of strategy is seen in the sharp sense and high aptitude of expert computer gamers
Environmental Scanning in Strategic Formulation
bull As organizational environment increasingly become uncertain and complex environmental scanning enables organizations to detect change and formulate adaptive strategies (Zhang Majid amp Foo 2010)
bull In strategic sense environmental scanning is also about mastering the immediate locality to national regional and global surroundings within which the organization operates
bull It includes scanning strategies internal factors and perceived change leading to purposive strategy formulation
STRATEGIC FORMULATION AND
SWOT ANALYSIS
SWOT Analysis in Strategic Formulation
bull The process of taking stock of activities requires thorough examination of internal status and external context of organizations (Keeley nd)
bull SWOT analysis allows organizations to recognize themselves and their surrounding environments in order to plan implement and monitor their strategies (Hashemi et al 2012)
bull Strategy formulation is concerned with areas of strengths or advantages contributions of external factors or opportunities as well as watching for internal weaknesses and external threats
STRATEGY FORMULATION AS STRATEGIC TOOL OF
ORGANIZATIONAL LEADERSHIP
Strategy Formulation as Leadership Instrument
bull Strategy is ldquothe match an organization makes between its internal resources and skills and the opportunities and risks created by its external environmentrdquo (Grant 2001 p 114)
bull The strategic formulation cycle consisting of data synthesis environmental scanning and SWOT analysis submits to continuous review
bull It is an effective instrument of organizational leadership for effective and efficient attainment of mission and vision
Strategy Formulation and Organizational Performance
bull Consensus on objectives or methods and collaboration amongst management team members positively relates to organizational performance (Dess 2006)
bull Leadership has great influence on organizational performance particular as it relates to strategy formulation and day to day decision making actions
bull All these are tied to the cycle of vision mission and strategy formulation leading to action plan
CONCLUSION
Summary
bull The paper conceptualizes strategy formulation and its major components and discusses and correlates data synthesis environmental scanning and SWOT analysis in strategy formulation
bull It establishes strategy formulation as starting point of the strategic management process or planning and explains the conduct of strategy formulation as tool for organizational leadership
Conclusion
bull The strategy formulation is proposed as a crucial organizational leadership instrument of the strategic management process with illustrations
bull The paper draws conclusions on the foundational value and contribution of strategy formulation in the strategic management process
Recommendations
bull It strongly recommends knowledge and skills on strategy formulation and strategic management process for middle and higher executive who constitute organizational leadership
bull A simulation exercise is designed to practice on the application of strategy formulation in real world situations
SIMULATION EXERCISE
Groups of Course Participants are to prepare Strategy Formulation Schedule for the National Institute for Policy and Strategic Studies from the amended Mission and Vision of previous Exercise
ReferenceAcur N amp Englyst L (2006) Assessment of strategy formulation How to ensure quality in process and outcome International Journal of Operations and Production Management 26(1) 69-91Barney J B (1086) Types of competition and the theory of strategy Toward an integrative framework Academy of Management Review 11(4) 791-800 Retrieved from httpamraomorgcontent114791short Berg T M W Heymanns S S Leone D Vergouw J A Hayden A P Verhagen amp H Vet (2013) Overview of data-synthesis in systematic reviews of studies on outcome prediction BMC Medical Research Methodologies BMC Series Retrieved from httpbmcmmedresmethodolbiomedcentralcomarticles1011861471-2288-13-42 Bohannon J (2009) The keen eyes of a gamer Science March 30 [Online] American Association for Advancement of Science (AAAS) Retrieved from httpsciencemagorg 10 April 2016Bordean O Borza A Rus C amp Mitra C (2010) An investigation on the strategy formulation process within the Roman companies Managerial Challenges of the Contemporary Society Proceedings 26-31BusinessDictionarycom httpwwwbusinessdictionarycomdefinition-organizational-leadershiphtmlChamberlain G P (2010) Understanding strategy Charleston NC Create SpaceCorreia Z amp Wilson T D (1997) Scanning the business environment for information A grounded theory approach Information Research 2(4) April Retrieved from httpwwwinformationrnetir2-4paper21html Costa J (1997) A study of strategic planning and environmental scanning in the multi-unit Portuguese hotel sector A Thesis Submitted in Fulfillment of the Requirements for the Award of PhD Degree May Department of Management studies University of Surrey UKgtDavid F R (2008) Concepts of strategic management (6th Edition) Upper Saddle River NJ Prince-HallDess G G (2006) Consensus on strategy formulation and organizational performance Competitors in a fragmented industry Strategic Management Journal November 8 DOI 101002smj4250080305Ellerby L (2009) Analysis plus synthesis Turning data into insights UX Matters April 27 Retrieved from httpwwwuxmatterscomauthorsarchives200703lindsay_ellerbyphp Freedman L (2013) Strategy Oxford UK Oxford University PressGrant R M (2001) The resource-based theory of competitive advantage Implications for strategy formulation California Management Review Spring 1991___________ (2010) Analyzing the industry environment In Mazzucato M (ed) Strategy for business A reader London SAGE PublicationsHashemi N F Masdeh M M Razeghi A amp Rahimian A (2012) Formulating and choosing strategies using SWOT analysis and QSPM matrix A case study of Hamadan Glass CompanyHarvard Business School Review (HBR) Blog Network httpblogshbrorg Hill C W Jones G R amp Schilling M A (2015) Strategic management theory (11th Edition) London UK Cengage LearningKeeley E T (n d) How to conduct a SWOT analysis [Online] Retrieved from httpoieekuedusitesoieekuedufilesfilesSWOT20Analysispdf 10 April 2016
bull Kvint V (2009) The global emerging market Strategic management and economics New York NY Routledge Publishing Li Y Guohu S amp Eppler M J (2008) Making strategy work A literature review on factors influencing strategy implementation ICA Working Papers 22008 Institute for Corporate Communication Lugano SwitzerlandMichael Porter (nd) BrainyQuotecom Retrieved April 7 2016 from BrainyQuotecom Web site httpwwwbrainyquotecomquotesquotesmmichaelpor378202html Mitchell R C (2009) Strategy formulation [Online] Retrieved from httpwwwsaylororgsitewp-contentuploads201304BUS300-23_Strategy-Formulationpdf 10 April 2016Mintzberg H amp Quinn J B (1996) The strategy process Concepts contexts cases Upper Saddle River NJ Prentice HallMintzberg H (1978) Patterns in strategy formation Management Science 24(9) 934-948Nabradi A (nd) Strategic management process strategy formulation [Online] Retrieved from httpwwwagrunizghrmultimediapdfstrategic_mgmt_2pdfParnell J A (2005) Strategic philosophy and management level Management Decision 3(2) 157-170 Retrieved from httpwwwemeraldinsightcom00251747htm Porter M E (1991) Towards a dynamic theory of strategy Strategic Management Journal 12(S2) 95-117 Winter DOI101002smj4250121008 Porter M E (2010) What is strategy In Mazzucato M (ed) Strategy for business A reader London SAGE PublicationsRyan R (2013) Cochrane consumers and communication review group Data synthesis and analysis Cochrane Consumers and Communication Review Group June Retrieved from httpccorgcochraneorg Scouller J (2011) Three levels of leadership How to develop your leadership presence knowhow and skills Cirencester UK Management Books 2000Theocharopoulos M (2012) Strategy formulation using SWOT Retrieved from httpwwwslidesharenetmanostheocharopoulosstrategy-formulation-using-swot-15650383Ulwick A W (1999) Business strategy formulation Theory process and the intellectual revolution London UK Quorum BooksVasile T amp Iancu A (2009) A model of the strategic management processVatchkova E (2012) Contents historical development of strategy Strategic management Retrieved from httpwwwiucedueugroupmba_learning2012STRATMANEV-L1-introductionpdfWilliam E Rothschild W E (nd) httpwwwazquotescompicture-quotes Yarger H R (2006) Strategic theory for the 21st century The little book for big strategy Strategic Studies Institute Retrieved from httpwwwStrategicStudiesInstitutearmymil Yousuf M (2016) The nature of strategic management Chapter I What is strategic management Academia httpswwwacademiaedu6349510THE_NATURE_OF_STRATEGIC_MANAGEMENT_I_WHAT_IS_STRATEGIC_MANAGEMENTZan L (1990) Looking for theories in strategy studies Scandinavian Journal of Management 6(2) 89-108 httpwwwsciencedirectcomsciencearticlepii095652219090018C Zhang X Majid S amp Foo S (2010) Environmental scanning An application of information literacy skills at the work place Journal of Information Science 36(6) 719-732 DOI1011771065551510385644 httpwwwquotelandcomauthorRobert-J-Mckain-Quotes6434httpspcscaliforniaincwordpresscomcategorygeneral-management-workshop httpwwwcivilserviceindiacomsubjectManagementnotesnature-and-scope-of-strategic-managementhtml
STRATEGIC FORMULATION AND
ENVIRONMENTAL SCANNING
The Keen Eyes of Strategy
bull Strategy requires keen sense balanced mind fast thinking quick response and accurate moves
bull Visual thinking improves mental attention skills associated with environmental scanning (Bohannon 2009)
bull A corresponding example of the keen eyes of strategy is seen in the sharp sense and high aptitude of expert computer gamers
Environmental Scanning in Strategic Formulation
bull As organizational environment increasingly become uncertain and complex environmental scanning enables organizations to detect change and formulate adaptive strategies (Zhang Majid amp Foo 2010)
bull In strategic sense environmental scanning is also about mastering the immediate locality to national regional and global surroundings within which the organization operates
bull It includes scanning strategies internal factors and perceived change leading to purposive strategy formulation
STRATEGIC FORMULATION AND
SWOT ANALYSIS
SWOT Analysis in Strategic Formulation
bull The process of taking stock of activities requires thorough examination of internal status and external context of organizations (Keeley nd)
bull SWOT analysis allows organizations to recognize themselves and their surrounding environments in order to plan implement and monitor their strategies (Hashemi et al 2012)
bull Strategy formulation is concerned with areas of strengths or advantages contributions of external factors or opportunities as well as watching for internal weaknesses and external threats
STRATEGY FORMULATION AS STRATEGIC TOOL OF
ORGANIZATIONAL LEADERSHIP
Strategy Formulation as Leadership Instrument
bull Strategy is ldquothe match an organization makes between its internal resources and skills and the opportunities and risks created by its external environmentrdquo (Grant 2001 p 114)
bull The strategic formulation cycle consisting of data synthesis environmental scanning and SWOT analysis submits to continuous review
bull It is an effective instrument of organizational leadership for effective and efficient attainment of mission and vision
Strategy Formulation and Organizational Performance
bull Consensus on objectives or methods and collaboration amongst management team members positively relates to organizational performance (Dess 2006)
bull Leadership has great influence on organizational performance particular as it relates to strategy formulation and day to day decision making actions
bull All these are tied to the cycle of vision mission and strategy formulation leading to action plan
CONCLUSION
Summary
bull The paper conceptualizes strategy formulation and its major components and discusses and correlates data synthesis environmental scanning and SWOT analysis in strategy formulation
bull It establishes strategy formulation as starting point of the strategic management process or planning and explains the conduct of strategy formulation as tool for organizational leadership
Conclusion
bull The strategy formulation is proposed as a crucial organizational leadership instrument of the strategic management process with illustrations
bull The paper draws conclusions on the foundational value and contribution of strategy formulation in the strategic management process
Recommendations
bull It strongly recommends knowledge and skills on strategy formulation and strategic management process for middle and higher executive who constitute organizational leadership
bull A simulation exercise is designed to practice on the application of strategy formulation in real world situations
SIMULATION EXERCISE
Groups of Course Participants are to prepare Strategy Formulation Schedule for the National Institute for Policy and Strategic Studies from the amended Mission and Vision of previous Exercise
ReferenceAcur N amp Englyst L (2006) Assessment of strategy formulation How to ensure quality in process and outcome International Journal of Operations and Production Management 26(1) 69-91Barney J B (1086) Types of competition and the theory of strategy Toward an integrative framework Academy of Management Review 11(4) 791-800 Retrieved from httpamraomorgcontent114791short Berg T M W Heymanns S S Leone D Vergouw J A Hayden A P Verhagen amp H Vet (2013) Overview of data-synthesis in systematic reviews of studies on outcome prediction BMC Medical Research Methodologies BMC Series Retrieved from httpbmcmmedresmethodolbiomedcentralcomarticles1011861471-2288-13-42 Bohannon J (2009) The keen eyes of a gamer Science March 30 [Online] American Association for Advancement of Science (AAAS) Retrieved from httpsciencemagorg 10 April 2016Bordean O Borza A Rus C amp Mitra C (2010) An investigation on the strategy formulation process within the Roman companies Managerial Challenges of the Contemporary Society Proceedings 26-31BusinessDictionarycom httpwwwbusinessdictionarycomdefinition-organizational-leadershiphtmlChamberlain G P (2010) Understanding strategy Charleston NC Create SpaceCorreia Z amp Wilson T D (1997) Scanning the business environment for information A grounded theory approach Information Research 2(4) April Retrieved from httpwwwinformationrnetir2-4paper21html Costa J (1997) A study of strategic planning and environmental scanning in the multi-unit Portuguese hotel sector A Thesis Submitted in Fulfillment of the Requirements for the Award of PhD Degree May Department of Management studies University of Surrey UKgtDavid F R (2008) Concepts of strategic management (6th Edition) Upper Saddle River NJ Prince-HallDess G G (2006) Consensus on strategy formulation and organizational performance Competitors in a fragmented industry Strategic Management Journal November 8 DOI 101002smj4250080305Ellerby L (2009) Analysis plus synthesis Turning data into insights UX Matters April 27 Retrieved from httpwwwuxmatterscomauthorsarchives200703lindsay_ellerbyphp Freedman L (2013) Strategy Oxford UK Oxford University PressGrant R M (2001) The resource-based theory of competitive advantage Implications for strategy formulation California Management Review Spring 1991___________ (2010) Analyzing the industry environment In Mazzucato M (ed) Strategy for business A reader London SAGE PublicationsHashemi N F Masdeh M M Razeghi A amp Rahimian A (2012) Formulating and choosing strategies using SWOT analysis and QSPM matrix A case study of Hamadan Glass CompanyHarvard Business School Review (HBR) Blog Network httpblogshbrorg Hill C W Jones G R amp Schilling M A (2015) Strategic management theory (11th Edition) London UK Cengage LearningKeeley E T (n d) How to conduct a SWOT analysis [Online] Retrieved from httpoieekuedusitesoieekuedufilesfilesSWOT20Analysispdf 10 April 2016
bull Kvint V (2009) The global emerging market Strategic management and economics New York NY Routledge Publishing Li Y Guohu S amp Eppler M J (2008) Making strategy work A literature review on factors influencing strategy implementation ICA Working Papers 22008 Institute for Corporate Communication Lugano SwitzerlandMichael Porter (nd) BrainyQuotecom Retrieved April 7 2016 from BrainyQuotecom Web site httpwwwbrainyquotecomquotesquotesmmichaelpor378202html Mitchell R C (2009) Strategy formulation [Online] Retrieved from httpwwwsaylororgsitewp-contentuploads201304BUS300-23_Strategy-Formulationpdf 10 April 2016Mintzberg H amp Quinn J B (1996) The strategy process Concepts contexts cases Upper Saddle River NJ Prentice HallMintzberg H (1978) Patterns in strategy formation Management Science 24(9) 934-948Nabradi A (nd) Strategic management process strategy formulation [Online] Retrieved from httpwwwagrunizghrmultimediapdfstrategic_mgmt_2pdfParnell J A (2005) Strategic philosophy and management level Management Decision 3(2) 157-170 Retrieved from httpwwwemeraldinsightcom00251747htm Porter M E (1991) Towards a dynamic theory of strategy Strategic Management Journal 12(S2) 95-117 Winter DOI101002smj4250121008 Porter M E (2010) What is strategy In Mazzucato M (ed) Strategy for business A reader London SAGE PublicationsRyan R (2013) Cochrane consumers and communication review group Data synthesis and analysis Cochrane Consumers and Communication Review Group June Retrieved from httpccorgcochraneorg Scouller J (2011) Three levels of leadership How to develop your leadership presence knowhow and skills Cirencester UK Management Books 2000Theocharopoulos M (2012) Strategy formulation using SWOT Retrieved from httpwwwslidesharenetmanostheocharopoulosstrategy-formulation-using-swot-15650383Ulwick A W (1999) Business strategy formulation Theory process and the intellectual revolution London UK Quorum BooksVasile T amp Iancu A (2009) A model of the strategic management processVatchkova E (2012) Contents historical development of strategy Strategic management Retrieved from httpwwwiucedueugroupmba_learning2012STRATMANEV-L1-introductionpdfWilliam E Rothschild W E (nd) httpwwwazquotescompicture-quotes Yarger H R (2006) Strategic theory for the 21st century The little book for big strategy Strategic Studies Institute Retrieved from httpwwwStrategicStudiesInstitutearmymil Yousuf M (2016) The nature of strategic management Chapter I What is strategic management Academia httpswwwacademiaedu6349510THE_NATURE_OF_STRATEGIC_MANAGEMENT_I_WHAT_IS_STRATEGIC_MANAGEMENTZan L (1990) Looking for theories in strategy studies Scandinavian Journal of Management 6(2) 89-108 httpwwwsciencedirectcomsciencearticlepii095652219090018C Zhang X Majid S amp Foo S (2010) Environmental scanning An application of information literacy skills at the work place Journal of Information Science 36(6) 719-732 DOI1011771065551510385644 httpwwwquotelandcomauthorRobert-J-Mckain-Quotes6434httpspcscaliforniaincwordpresscomcategorygeneral-management-workshop httpwwwcivilserviceindiacomsubjectManagementnotesnature-and-scope-of-strategic-managementhtml
The Keen Eyes of Strategy
bull Strategy requires keen sense balanced mind fast thinking quick response and accurate moves
bull Visual thinking improves mental attention skills associated with environmental scanning (Bohannon 2009)
bull A corresponding example of the keen eyes of strategy is seen in the sharp sense and high aptitude of expert computer gamers
Environmental Scanning in Strategic Formulation
bull As organizational environment increasingly become uncertain and complex environmental scanning enables organizations to detect change and formulate adaptive strategies (Zhang Majid amp Foo 2010)
bull In strategic sense environmental scanning is also about mastering the immediate locality to national regional and global surroundings within which the organization operates
bull It includes scanning strategies internal factors and perceived change leading to purposive strategy formulation
STRATEGIC FORMULATION AND
SWOT ANALYSIS
SWOT Analysis in Strategic Formulation
bull The process of taking stock of activities requires thorough examination of internal status and external context of organizations (Keeley nd)
bull SWOT analysis allows organizations to recognize themselves and their surrounding environments in order to plan implement and monitor their strategies (Hashemi et al 2012)
bull Strategy formulation is concerned with areas of strengths or advantages contributions of external factors or opportunities as well as watching for internal weaknesses and external threats
STRATEGY FORMULATION AS STRATEGIC TOOL OF
ORGANIZATIONAL LEADERSHIP
Strategy Formulation as Leadership Instrument
bull Strategy is ldquothe match an organization makes between its internal resources and skills and the opportunities and risks created by its external environmentrdquo (Grant 2001 p 114)
bull The strategic formulation cycle consisting of data synthesis environmental scanning and SWOT analysis submits to continuous review
bull It is an effective instrument of organizational leadership for effective and efficient attainment of mission and vision
Strategy Formulation and Organizational Performance
bull Consensus on objectives or methods and collaboration amongst management team members positively relates to organizational performance (Dess 2006)
bull Leadership has great influence on organizational performance particular as it relates to strategy formulation and day to day decision making actions
bull All these are tied to the cycle of vision mission and strategy formulation leading to action plan
CONCLUSION
Summary
bull The paper conceptualizes strategy formulation and its major components and discusses and correlates data synthesis environmental scanning and SWOT analysis in strategy formulation
bull It establishes strategy formulation as starting point of the strategic management process or planning and explains the conduct of strategy formulation as tool for organizational leadership
Conclusion
bull The strategy formulation is proposed as a crucial organizational leadership instrument of the strategic management process with illustrations
bull The paper draws conclusions on the foundational value and contribution of strategy formulation in the strategic management process
Recommendations
bull It strongly recommends knowledge and skills on strategy formulation and strategic management process for middle and higher executive who constitute organizational leadership
bull A simulation exercise is designed to practice on the application of strategy formulation in real world situations
SIMULATION EXERCISE
Groups of Course Participants are to prepare Strategy Formulation Schedule for the National Institute for Policy and Strategic Studies from the amended Mission and Vision of previous Exercise
ReferenceAcur N amp Englyst L (2006) Assessment of strategy formulation How to ensure quality in process and outcome International Journal of Operations and Production Management 26(1) 69-91Barney J B (1086) Types of competition and the theory of strategy Toward an integrative framework Academy of Management Review 11(4) 791-800 Retrieved from httpamraomorgcontent114791short Berg T M W Heymanns S S Leone D Vergouw J A Hayden A P Verhagen amp H Vet (2013) Overview of data-synthesis in systematic reviews of studies on outcome prediction BMC Medical Research Methodologies BMC Series Retrieved from httpbmcmmedresmethodolbiomedcentralcomarticles1011861471-2288-13-42 Bohannon J (2009) The keen eyes of a gamer Science March 30 [Online] American Association for Advancement of Science (AAAS) Retrieved from httpsciencemagorg 10 April 2016Bordean O Borza A Rus C amp Mitra C (2010) An investigation on the strategy formulation process within the Roman companies Managerial Challenges of the Contemporary Society Proceedings 26-31BusinessDictionarycom httpwwwbusinessdictionarycomdefinition-organizational-leadershiphtmlChamberlain G P (2010) Understanding strategy Charleston NC Create SpaceCorreia Z amp Wilson T D (1997) Scanning the business environment for information A grounded theory approach Information Research 2(4) April Retrieved from httpwwwinformationrnetir2-4paper21html Costa J (1997) A study of strategic planning and environmental scanning in the multi-unit Portuguese hotel sector A Thesis Submitted in Fulfillment of the Requirements for the Award of PhD Degree May Department of Management studies University of Surrey UKgtDavid F R (2008) Concepts of strategic management (6th Edition) Upper Saddle River NJ Prince-HallDess G G (2006) Consensus on strategy formulation and organizational performance Competitors in a fragmented industry Strategic Management Journal November 8 DOI 101002smj4250080305Ellerby L (2009) Analysis plus synthesis Turning data into insights UX Matters April 27 Retrieved from httpwwwuxmatterscomauthorsarchives200703lindsay_ellerbyphp Freedman L (2013) Strategy Oxford UK Oxford University PressGrant R M (2001) The resource-based theory of competitive advantage Implications for strategy formulation California Management Review Spring 1991___________ (2010) Analyzing the industry environment In Mazzucato M (ed) Strategy for business A reader London SAGE PublicationsHashemi N F Masdeh M M Razeghi A amp Rahimian A (2012) Formulating and choosing strategies using SWOT analysis and QSPM matrix A case study of Hamadan Glass CompanyHarvard Business School Review (HBR) Blog Network httpblogshbrorg Hill C W Jones G R amp Schilling M A (2015) Strategic management theory (11th Edition) London UK Cengage LearningKeeley E T (n d) How to conduct a SWOT analysis [Online] Retrieved from httpoieekuedusitesoieekuedufilesfilesSWOT20Analysispdf 10 April 2016
bull Kvint V (2009) The global emerging market Strategic management and economics New York NY Routledge Publishing Li Y Guohu S amp Eppler M J (2008) Making strategy work A literature review on factors influencing strategy implementation ICA Working Papers 22008 Institute for Corporate Communication Lugano SwitzerlandMichael Porter (nd) BrainyQuotecom Retrieved April 7 2016 from BrainyQuotecom Web site httpwwwbrainyquotecomquotesquotesmmichaelpor378202html Mitchell R C (2009) Strategy formulation [Online] Retrieved from httpwwwsaylororgsitewp-contentuploads201304BUS300-23_Strategy-Formulationpdf 10 April 2016Mintzberg H amp Quinn J B (1996) The strategy process Concepts contexts cases Upper Saddle River NJ Prentice HallMintzberg H (1978) Patterns in strategy formation Management Science 24(9) 934-948Nabradi A (nd) Strategic management process strategy formulation [Online] Retrieved from httpwwwagrunizghrmultimediapdfstrategic_mgmt_2pdfParnell J A (2005) Strategic philosophy and management level Management Decision 3(2) 157-170 Retrieved from httpwwwemeraldinsightcom00251747htm Porter M E (1991) Towards a dynamic theory of strategy Strategic Management Journal 12(S2) 95-117 Winter DOI101002smj4250121008 Porter M E (2010) What is strategy In Mazzucato M (ed) Strategy for business A reader London SAGE PublicationsRyan R (2013) Cochrane consumers and communication review group Data synthesis and analysis Cochrane Consumers and Communication Review Group June Retrieved from httpccorgcochraneorg Scouller J (2011) Three levels of leadership How to develop your leadership presence knowhow and skills Cirencester UK Management Books 2000Theocharopoulos M (2012) Strategy formulation using SWOT Retrieved from httpwwwslidesharenetmanostheocharopoulosstrategy-formulation-using-swot-15650383Ulwick A W (1999) Business strategy formulation Theory process and the intellectual revolution London UK Quorum BooksVasile T amp Iancu A (2009) A model of the strategic management processVatchkova E (2012) Contents historical development of strategy Strategic management Retrieved from httpwwwiucedueugroupmba_learning2012STRATMANEV-L1-introductionpdfWilliam E Rothschild W E (nd) httpwwwazquotescompicture-quotes Yarger H R (2006) Strategic theory for the 21st century The little book for big strategy Strategic Studies Institute Retrieved from httpwwwStrategicStudiesInstitutearmymil Yousuf M (2016) The nature of strategic management Chapter I What is strategic management Academia httpswwwacademiaedu6349510THE_NATURE_OF_STRATEGIC_MANAGEMENT_I_WHAT_IS_STRATEGIC_MANAGEMENTZan L (1990) Looking for theories in strategy studies Scandinavian Journal of Management 6(2) 89-108 httpwwwsciencedirectcomsciencearticlepii095652219090018C Zhang X Majid S amp Foo S (2010) Environmental scanning An application of information literacy skills at the work place Journal of Information Science 36(6) 719-732 DOI1011771065551510385644 httpwwwquotelandcomauthorRobert-J-Mckain-Quotes6434httpspcscaliforniaincwordpresscomcategorygeneral-management-workshop httpwwwcivilserviceindiacomsubjectManagementnotesnature-and-scope-of-strategic-managementhtml
Environmental Scanning in Strategic Formulation
bull As organizational environment increasingly become uncertain and complex environmental scanning enables organizations to detect change and formulate adaptive strategies (Zhang Majid amp Foo 2010)
bull In strategic sense environmental scanning is also about mastering the immediate locality to national regional and global surroundings within which the organization operates
bull It includes scanning strategies internal factors and perceived change leading to purposive strategy formulation
STRATEGIC FORMULATION AND
SWOT ANALYSIS
SWOT Analysis in Strategic Formulation
bull The process of taking stock of activities requires thorough examination of internal status and external context of organizations (Keeley nd)
bull SWOT analysis allows organizations to recognize themselves and their surrounding environments in order to plan implement and monitor their strategies (Hashemi et al 2012)
bull Strategy formulation is concerned with areas of strengths or advantages contributions of external factors or opportunities as well as watching for internal weaknesses and external threats
STRATEGY FORMULATION AS STRATEGIC TOOL OF
ORGANIZATIONAL LEADERSHIP
Strategy Formulation as Leadership Instrument
bull Strategy is ldquothe match an organization makes between its internal resources and skills and the opportunities and risks created by its external environmentrdquo (Grant 2001 p 114)
bull The strategic formulation cycle consisting of data synthesis environmental scanning and SWOT analysis submits to continuous review
bull It is an effective instrument of organizational leadership for effective and efficient attainment of mission and vision
Strategy Formulation and Organizational Performance
bull Consensus on objectives or methods and collaboration amongst management team members positively relates to organizational performance (Dess 2006)
bull Leadership has great influence on organizational performance particular as it relates to strategy formulation and day to day decision making actions
bull All these are tied to the cycle of vision mission and strategy formulation leading to action plan
CONCLUSION
Summary
bull The paper conceptualizes strategy formulation and its major components and discusses and correlates data synthesis environmental scanning and SWOT analysis in strategy formulation
bull It establishes strategy formulation as starting point of the strategic management process or planning and explains the conduct of strategy formulation as tool for organizational leadership
Conclusion
bull The strategy formulation is proposed as a crucial organizational leadership instrument of the strategic management process with illustrations
bull The paper draws conclusions on the foundational value and contribution of strategy formulation in the strategic management process
Recommendations
bull It strongly recommends knowledge and skills on strategy formulation and strategic management process for middle and higher executive who constitute organizational leadership
bull A simulation exercise is designed to practice on the application of strategy formulation in real world situations
SIMULATION EXERCISE
Groups of Course Participants are to prepare Strategy Formulation Schedule for the National Institute for Policy and Strategic Studies from the amended Mission and Vision of previous Exercise
ReferenceAcur N amp Englyst L (2006) Assessment of strategy formulation How to ensure quality in process and outcome International Journal of Operations and Production Management 26(1) 69-91Barney J B (1086) Types of competition and the theory of strategy Toward an integrative framework Academy of Management Review 11(4) 791-800 Retrieved from httpamraomorgcontent114791short Berg T M W Heymanns S S Leone D Vergouw J A Hayden A P Verhagen amp H Vet (2013) Overview of data-synthesis in systematic reviews of studies on outcome prediction BMC Medical Research Methodologies BMC Series Retrieved from httpbmcmmedresmethodolbiomedcentralcomarticles1011861471-2288-13-42 Bohannon J (2009) The keen eyes of a gamer Science March 30 [Online] American Association for Advancement of Science (AAAS) Retrieved from httpsciencemagorg 10 April 2016Bordean O Borza A Rus C amp Mitra C (2010) An investigation on the strategy formulation process within the Roman companies Managerial Challenges of the Contemporary Society Proceedings 26-31BusinessDictionarycom httpwwwbusinessdictionarycomdefinition-organizational-leadershiphtmlChamberlain G P (2010) Understanding strategy Charleston NC Create SpaceCorreia Z amp Wilson T D (1997) Scanning the business environment for information A grounded theory approach Information Research 2(4) April Retrieved from httpwwwinformationrnetir2-4paper21html Costa J (1997) A study of strategic planning and environmental scanning in the multi-unit Portuguese hotel sector A Thesis Submitted in Fulfillment of the Requirements for the Award of PhD Degree May Department of Management studies University of Surrey UKgtDavid F R (2008) Concepts of strategic management (6th Edition) Upper Saddle River NJ Prince-HallDess G G (2006) Consensus on strategy formulation and organizational performance Competitors in a fragmented industry Strategic Management Journal November 8 DOI 101002smj4250080305Ellerby L (2009) Analysis plus synthesis Turning data into insights UX Matters April 27 Retrieved from httpwwwuxmatterscomauthorsarchives200703lindsay_ellerbyphp Freedman L (2013) Strategy Oxford UK Oxford University PressGrant R M (2001) The resource-based theory of competitive advantage Implications for strategy formulation California Management Review Spring 1991___________ (2010) Analyzing the industry environment In Mazzucato M (ed) Strategy for business A reader London SAGE PublicationsHashemi N F Masdeh M M Razeghi A amp Rahimian A (2012) Formulating and choosing strategies using SWOT analysis and QSPM matrix A case study of Hamadan Glass CompanyHarvard Business School Review (HBR) Blog Network httpblogshbrorg Hill C W Jones G R amp Schilling M A (2015) Strategic management theory (11th Edition) London UK Cengage LearningKeeley E T (n d) How to conduct a SWOT analysis [Online] Retrieved from httpoieekuedusitesoieekuedufilesfilesSWOT20Analysispdf 10 April 2016
bull Kvint V (2009) The global emerging market Strategic management and economics New York NY Routledge Publishing Li Y Guohu S amp Eppler M J (2008) Making strategy work A literature review on factors influencing strategy implementation ICA Working Papers 22008 Institute for Corporate Communication Lugano SwitzerlandMichael Porter (nd) BrainyQuotecom Retrieved April 7 2016 from BrainyQuotecom Web site httpwwwbrainyquotecomquotesquotesmmichaelpor378202html Mitchell R C (2009) Strategy formulation [Online] Retrieved from httpwwwsaylororgsitewp-contentuploads201304BUS300-23_Strategy-Formulationpdf 10 April 2016Mintzberg H amp Quinn J B (1996) The strategy process Concepts contexts cases Upper Saddle River NJ Prentice HallMintzberg H (1978) Patterns in strategy formation Management Science 24(9) 934-948Nabradi A (nd) Strategic management process strategy formulation [Online] Retrieved from httpwwwagrunizghrmultimediapdfstrategic_mgmt_2pdfParnell J A (2005) Strategic philosophy and management level Management Decision 3(2) 157-170 Retrieved from httpwwwemeraldinsightcom00251747htm Porter M E (1991) Towards a dynamic theory of strategy Strategic Management Journal 12(S2) 95-117 Winter DOI101002smj4250121008 Porter M E (2010) What is strategy In Mazzucato M (ed) Strategy for business A reader London SAGE PublicationsRyan R (2013) Cochrane consumers and communication review group Data synthesis and analysis Cochrane Consumers and Communication Review Group June Retrieved from httpccorgcochraneorg Scouller J (2011) Three levels of leadership How to develop your leadership presence knowhow and skills Cirencester UK Management Books 2000Theocharopoulos M (2012) Strategy formulation using SWOT Retrieved from httpwwwslidesharenetmanostheocharopoulosstrategy-formulation-using-swot-15650383Ulwick A W (1999) Business strategy formulation Theory process and the intellectual revolution London UK Quorum BooksVasile T amp Iancu A (2009) A model of the strategic management processVatchkova E (2012) Contents historical development of strategy Strategic management Retrieved from httpwwwiucedueugroupmba_learning2012STRATMANEV-L1-introductionpdfWilliam E Rothschild W E (nd) httpwwwazquotescompicture-quotes Yarger H R (2006) Strategic theory for the 21st century The little book for big strategy Strategic Studies Institute Retrieved from httpwwwStrategicStudiesInstitutearmymil Yousuf M (2016) The nature of strategic management Chapter I What is strategic management Academia httpswwwacademiaedu6349510THE_NATURE_OF_STRATEGIC_MANAGEMENT_I_WHAT_IS_STRATEGIC_MANAGEMENTZan L (1990) Looking for theories in strategy studies Scandinavian Journal of Management 6(2) 89-108 httpwwwsciencedirectcomsciencearticlepii095652219090018C Zhang X Majid S amp Foo S (2010) Environmental scanning An application of information literacy skills at the work place Journal of Information Science 36(6) 719-732 DOI1011771065551510385644 httpwwwquotelandcomauthorRobert-J-Mckain-Quotes6434httpspcscaliforniaincwordpresscomcategorygeneral-management-workshop httpwwwcivilserviceindiacomsubjectManagementnotesnature-and-scope-of-strategic-managementhtml
STRATEGIC FORMULATION AND
SWOT ANALYSIS
SWOT Analysis in Strategic Formulation
bull The process of taking stock of activities requires thorough examination of internal status and external context of organizations (Keeley nd)
bull SWOT analysis allows organizations to recognize themselves and their surrounding environments in order to plan implement and monitor their strategies (Hashemi et al 2012)
bull Strategy formulation is concerned with areas of strengths or advantages contributions of external factors or opportunities as well as watching for internal weaknesses and external threats
STRATEGY FORMULATION AS STRATEGIC TOOL OF
ORGANIZATIONAL LEADERSHIP
Strategy Formulation as Leadership Instrument
bull Strategy is ldquothe match an organization makes between its internal resources and skills and the opportunities and risks created by its external environmentrdquo (Grant 2001 p 114)
bull The strategic formulation cycle consisting of data synthesis environmental scanning and SWOT analysis submits to continuous review
bull It is an effective instrument of organizational leadership for effective and efficient attainment of mission and vision
Strategy Formulation and Organizational Performance
bull Consensus on objectives or methods and collaboration amongst management team members positively relates to organizational performance (Dess 2006)
bull Leadership has great influence on organizational performance particular as it relates to strategy formulation and day to day decision making actions
bull All these are tied to the cycle of vision mission and strategy formulation leading to action plan
CONCLUSION
Summary
bull The paper conceptualizes strategy formulation and its major components and discusses and correlates data synthesis environmental scanning and SWOT analysis in strategy formulation
bull It establishes strategy formulation as starting point of the strategic management process or planning and explains the conduct of strategy formulation as tool for organizational leadership
Conclusion
bull The strategy formulation is proposed as a crucial organizational leadership instrument of the strategic management process with illustrations
bull The paper draws conclusions on the foundational value and contribution of strategy formulation in the strategic management process
Recommendations
bull It strongly recommends knowledge and skills on strategy formulation and strategic management process for middle and higher executive who constitute organizational leadership
bull A simulation exercise is designed to practice on the application of strategy formulation in real world situations
SIMULATION EXERCISE
Groups of Course Participants are to prepare Strategy Formulation Schedule for the National Institute for Policy and Strategic Studies from the amended Mission and Vision of previous Exercise
ReferenceAcur N amp Englyst L (2006) Assessment of strategy formulation How to ensure quality in process and outcome International Journal of Operations and Production Management 26(1) 69-91Barney J B (1086) Types of competition and the theory of strategy Toward an integrative framework Academy of Management Review 11(4) 791-800 Retrieved from httpamraomorgcontent114791short Berg T M W Heymanns S S Leone D Vergouw J A Hayden A P Verhagen amp H Vet (2013) Overview of data-synthesis in systematic reviews of studies on outcome prediction BMC Medical Research Methodologies BMC Series Retrieved from httpbmcmmedresmethodolbiomedcentralcomarticles1011861471-2288-13-42 Bohannon J (2009) The keen eyes of a gamer Science March 30 [Online] American Association for Advancement of Science (AAAS) Retrieved from httpsciencemagorg 10 April 2016Bordean O Borza A Rus C amp Mitra C (2010) An investigation on the strategy formulation process within the Roman companies Managerial Challenges of the Contemporary Society Proceedings 26-31BusinessDictionarycom httpwwwbusinessdictionarycomdefinition-organizational-leadershiphtmlChamberlain G P (2010) Understanding strategy Charleston NC Create SpaceCorreia Z amp Wilson T D (1997) Scanning the business environment for information A grounded theory approach Information Research 2(4) April Retrieved from httpwwwinformationrnetir2-4paper21html Costa J (1997) A study of strategic planning and environmental scanning in the multi-unit Portuguese hotel sector A Thesis Submitted in Fulfillment of the Requirements for the Award of PhD Degree May Department of Management studies University of Surrey UKgtDavid F R (2008) Concepts of strategic management (6th Edition) Upper Saddle River NJ Prince-HallDess G G (2006) Consensus on strategy formulation and organizational performance Competitors in a fragmented industry Strategic Management Journal November 8 DOI 101002smj4250080305Ellerby L (2009) Analysis plus synthesis Turning data into insights UX Matters April 27 Retrieved from httpwwwuxmatterscomauthorsarchives200703lindsay_ellerbyphp Freedman L (2013) Strategy Oxford UK Oxford University PressGrant R M (2001) The resource-based theory of competitive advantage Implications for strategy formulation California Management Review Spring 1991___________ (2010) Analyzing the industry environment In Mazzucato M (ed) Strategy for business A reader London SAGE PublicationsHashemi N F Masdeh M M Razeghi A amp Rahimian A (2012) Formulating and choosing strategies using SWOT analysis and QSPM matrix A case study of Hamadan Glass CompanyHarvard Business School Review (HBR) Blog Network httpblogshbrorg Hill C W Jones G R amp Schilling M A (2015) Strategic management theory (11th Edition) London UK Cengage LearningKeeley E T (n d) How to conduct a SWOT analysis [Online] Retrieved from httpoieekuedusitesoieekuedufilesfilesSWOT20Analysispdf 10 April 2016
bull Kvint V (2009) The global emerging market Strategic management and economics New York NY Routledge Publishing Li Y Guohu S amp Eppler M J (2008) Making strategy work A literature review on factors influencing strategy implementation ICA Working Papers 22008 Institute for Corporate Communication Lugano SwitzerlandMichael Porter (nd) BrainyQuotecom Retrieved April 7 2016 from BrainyQuotecom Web site httpwwwbrainyquotecomquotesquotesmmichaelpor378202html Mitchell R C (2009) Strategy formulation [Online] Retrieved from httpwwwsaylororgsitewp-contentuploads201304BUS300-23_Strategy-Formulationpdf 10 April 2016Mintzberg H amp Quinn J B (1996) The strategy process Concepts contexts cases Upper Saddle River NJ Prentice HallMintzberg H (1978) Patterns in strategy formation Management Science 24(9) 934-948Nabradi A (nd) Strategic management process strategy formulation [Online] Retrieved from httpwwwagrunizghrmultimediapdfstrategic_mgmt_2pdfParnell J A (2005) Strategic philosophy and management level Management Decision 3(2) 157-170 Retrieved from httpwwwemeraldinsightcom00251747htm Porter M E (1991) Towards a dynamic theory of strategy Strategic Management Journal 12(S2) 95-117 Winter DOI101002smj4250121008 Porter M E (2010) What is strategy In Mazzucato M (ed) Strategy for business A reader London SAGE PublicationsRyan R (2013) Cochrane consumers and communication review group Data synthesis and analysis Cochrane Consumers and Communication Review Group June Retrieved from httpccorgcochraneorg Scouller J (2011) Three levels of leadership How to develop your leadership presence knowhow and skills Cirencester UK Management Books 2000Theocharopoulos M (2012) Strategy formulation using SWOT Retrieved from httpwwwslidesharenetmanostheocharopoulosstrategy-formulation-using-swot-15650383Ulwick A W (1999) Business strategy formulation Theory process and the intellectual revolution London UK Quorum BooksVasile T amp Iancu A (2009) A model of the strategic management processVatchkova E (2012) Contents historical development of strategy Strategic management Retrieved from httpwwwiucedueugroupmba_learning2012STRATMANEV-L1-introductionpdfWilliam E Rothschild W E (nd) httpwwwazquotescompicture-quotes Yarger H R (2006) Strategic theory for the 21st century The little book for big strategy Strategic Studies Institute Retrieved from httpwwwStrategicStudiesInstitutearmymil Yousuf M (2016) The nature of strategic management Chapter I What is strategic management Academia httpswwwacademiaedu6349510THE_NATURE_OF_STRATEGIC_MANAGEMENT_I_WHAT_IS_STRATEGIC_MANAGEMENTZan L (1990) Looking for theories in strategy studies Scandinavian Journal of Management 6(2) 89-108 httpwwwsciencedirectcomsciencearticlepii095652219090018C Zhang X Majid S amp Foo S (2010) Environmental scanning An application of information literacy skills at the work place Journal of Information Science 36(6) 719-732 DOI1011771065551510385644 httpwwwquotelandcomauthorRobert-J-Mckain-Quotes6434httpspcscaliforniaincwordpresscomcategorygeneral-management-workshop httpwwwcivilserviceindiacomsubjectManagementnotesnature-and-scope-of-strategic-managementhtml
SWOT Analysis in Strategic Formulation
bull The process of taking stock of activities requires thorough examination of internal status and external context of organizations (Keeley nd)
bull SWOT analysis allows organizations to recognize themselves and their surrounding environments in order to plan implement and monitor their strategies (Hashemi et al 2012)
bull Strategy formulation is concerned with areas of strengths or advantages contributions of external factors or opportunities as well as watching for internal weaknesses and external threats
STRATEGY FORMULATION AS STRATEGIC TOOL OF
ORGANIZATIONAL LEADERSHIP
Strategy Formulation as Leadership Instrument
bull Strategy is ldquothe match an organization makes between its internal resources and skills and the opportunities and risks created by its external environmentrdquo (Grant 2001 p 114)
bull The strategic formulation cycle consisting of data synthesis environmental scanning and SWOT analysis submits to continuous review
bull It is an effective instrument of organizational leadership for effective and efficient attainment of mission and vision
Strategy Formulation and Organizational Performance
bull Consensus on objectives or methods and collaboration amongst management team members positively relates to organizational performance (Dess 2006)
bull Leadership has great influence on organizational performance particular as it relates to strategy formulation and day to day decision making actions
bull All these are tied to the cycle of vision mission and strategy formulation leading to action plan
CONCLUSION
Summary
bull The paper conceptualizes strategy formulation and its major components and discusses and correlates data synthesis environmental scanning and SWOT analysis in strategy formulation
bull It establishes strategy formulation as starting point of the strategic management process or planning and explains the conduct of strategy formulation as tool for organizational leadership
Conclusion
bull The strategy formulation is proposed as a crucial organizational leadership instrument of the strategic management process with illustrations
bull The paper draws conclusions on the foundational value and contribution of strategy formulation in the strategic management process
Recommendations
bull It strongly recommends knowledge and skills on strategy formulation and strategic management process for middle and higher executive who constitute organizational leadership
bull A simulation exercise is designed to practice on the application of strategy formulation in real world situations
SIMULATION EXERCISE
Groups of Course Participants are to prepare Strategy Formulation Schedule for the National Institute for Policy and Strategic Studies from the amended Mission and Vision of previous Exercise
ReferenceAcur N amp Englyst L (2006) Assessment of strategy formulation How to ensure quality in process and outcome International Journal of Operations and Production Management 26(1) 69-91Barney J B (1086) Types of competition and the theory of strategy Toward an integrative framework Academy of Management Review 11(4) 791-800 Retrieved from httpamraomorgcontent114791short Berg T M W Heymanns S S Leone D Vergouw J A Hayden A P Verhagen amp H Vet (2013) Overview of data-synthesis in systematic reviews of studies on outcome prediction BMC Medical Research Methodologies BMC Series Retrieved from httpbmcmmedresmethodolbiomedcentralcomarticles1011861471-2288-13-42 Bohannon J (2009) The keen eyes of a gamer Science March 30 [Online] American Association for Advancement of Science (AAAS) Retrieved from httpsciencemagorg 10 April 2016Bordean O Borza A Rus C amp Mitra C (2010) An investigation on the strategy formulation process within the Roman companies Managerial Challenges of the Contemporary Society Proceedings 26-31BusinessDictionarycom httpwwwbusinessdictionarycomdefinition-organizational-leadershiphtmlChamberlain G P (2010) Understanding strategy Charleston NC Create SpaceCorreia Z amp Wilson T D (1997) Scanning the business environment for information A grounded theory approach Information Research 2(4) April Retrieved from httpwwwinformationrnetir2-4paper21html Costa J (1997) A study of strategic planning and environmental scanning in the multi-unit Portuguese hotel sector A Thesis Submitted in Fulfillment of the Requirements for the Award of PhD Degree May Department of Management studies University of Surrey UKgtDavid F R (2008) Concepts of strategic management (6th Edition) Upper Saddle River NJ Prince-HallDess G G (2006) Consensus on strategy formulation and organizational performance Competitors in a fragmented industry Strategic Management Journal November 8 DOI 101002smj4250080305Ellerby L (2009) Analysis plus synthesis Turning data into insights UX Matters April 27 Retrieved from httpwwwuxmatterscomauthorsarchives200703lindsay_ellerbyphp Freedman L (2013) Strategy Oxford UK Oxford University PressGrant R M (2001) The resource-based theory of competitive advantage Implications for strategy formulation California Management Review Spring 1991___________ (2010) Analyzing the industry environment In Mazzucato M (ed) Strategy for business A reader London SAGE PublicationsHashemi N F Masdeh M M Razeghi A amp Rahimian A (2012) Formulating and choosing strategies using SWOT analysis and QSPM matrix A case study of Hamadan Glass CompanyHarvard Business School Review (HBR) Blog Network httpblogshbrorg Hill C W Jones G R amp Schilling M A (2015) Strategic management theory (11th Edition) London UK Cengage LearningKeeley E T (n d) How to conduct a SWOT analysis [Online] Retrieved from httpoieekuedusitesoieekuedufilesfilesSWOT20Analysispdf 10 April 2016
bull Kvint V (2009) The global emerging market Strategic management and economics New York NY Routledge Publishing Li Y Guohu S amp Eppler M J (2008) Making strategy work A literature review on factors influencing strategy implementation ICA Working Papers 22008 Institute for Corporate Communication Lugano SwitzerlandMichael Porter (nd) BrainyQuotecom Retrieved April 7 2016 from BrainyQuotecom Web site httpwwwbrainyquotecomquotesquotesmmichaelpor378202html Mitchell R C (2009) Strategy formulation [Online] Retrieved from httpwwwsaylororgsitewp-contentuploads201304BUS300-23_Strategy-Formulationpdf 10 April 2016Mintzberg H amp Quinn J B (1996) The strategy process Concepts contexts cases Upper Saddle River NJ Prentice HallMintzberg H (1978) Patterns in strategy formation Management Science 24(9) 934-948Nabradi A (nd) Strategic management process strategy formulation [Online] Retrieved from httpwwwagrunizghrmultimediapdfstrategic_mgmt_2pdfParnell J A (2005) Strategic philosophy and management level Management Decision 3(2) 157-170 Retrieved from httpwwwemeraldinsightcom00251747htm Porter M E (1991) Towards a dynamic theory of strategy Strategic Management Journal 12(S2) 95-117 Winter DOI101002smj4250121008 Porter M E (2010) What is strategy In Mazzucato M (ed) Strategy for business A reader London SAGE PublicationsRyan R (2013) Cochrane consumers and communication review group Data synthesis and analysis Cochrane Consumers and Communication Review Group June Retrieved from httpccorgcochraneorg Scouller J (2011) Three levels of leadership How to develop your leadership presence knowhow and skills Cirencester UK Management Books 2000Theocharopoulos M (2012) Strategy formulation using SWOT Retrieved from httpwwwslidesharenetmanostheocharopoulosstrategy-formulation-using-swot-15650383Ulwick A W (1999) Business strategy formulation Theory process and the intellectual revolution London UK Quorum BooksVasile T amp Iancu A (2009) A model of the strategic management processVatchkova E (2012) Contents historical development of strategy Strategic management Retrieved from httpwwwiucedueugroupmba_learning2012STRATMANEV-L1-introductionpdfWilliam E Rothschild W E (nd) httpwwwazquotescompicture-quotes Yarger H R (2006) Strategic theory for the 21st century The little book for big strategy Strategic Studies Institute Retrieved from httpwwwStrategicStudiesInstitutearmymil Yousuf M (2016) The nature of strategic management Chapter I What is strategic management Academia httpswwwacademiaedu6349510THE_NATURE_OF_STRATEGIC_MANAGEMENT_I_WHAT_IS_STRATEGIC_MANAGEMENTZan L (1990) Looking for theories in strategy studies Scandinavian Journal of Management 6(2) 89-108 httpwwwsciencedirectcomsciencearticlepii095652219090018C Zhang X Majid S amp Foo S (2010) Environmental scanning An application of information literacy skills at the work place Journal of Information Science 36(6) 719-732 DOI1011771065551510385644 httpwwwquotelandcomauthorRobert-J-Mckain-Quotes6434httpspcscaliforniaincwordpresscomcategorygeneral-management-workshop httpwwwcivilserviceindiacomsubjectManagementnotesnature-and-scope-of-strategic-managementhtml
STRATEGY FORMULATION AS STRATEGIC TOOL OF
ORGANIZATIONAL LEADERSHIP
Strategy Formulation as Leadership Instrument
bull Strategy is ldquothe match an organization makes between its internal resources and skills and the opportunities and risks created by its external environmentrdquo (Grant 2001 p 114)
bull The strategic formulation cycle consisting of data synthesis environmental scanning and SWOT analysis submits to continuous review
bull It is an effective instrument of organizational leadership for effective and efficient attainment of mission and vision
Strategy Formulation and Organizational Performance
bull Consensus on objectives or methods and collaboration amongst management team members positively relates to organizational performance (Dess 2006)
bull Leadership has great influence on organizational performance particular as it relates to strategy formulation and day to day decision making actions
bull All these are tied to the cycle of vision mission and strategy formulation leading to action plan
CONCLUSION
Summary
bull The paper conceptualizes strategy formulation and its major components and discusses and correlates data synthesis environmental scanning and SWOT analysis in strategy formulation
bull It establishes strategy formulation as starting point of the strategic management process or planning and explains the conduct of strategy formulation as tool for organizational leadership
Conclusion
bull The strategy formulation is proposed as a crucial organizational leadership instrument of the strategic management process with illustrations
bull The paper draws conclusions on the foundational value and contribution of strategy formulation in the strategic management process
Recommendations
bull It strongly recommends knowledge and skills on strategy formulation and strategic management process for middle and higher executive who constitute organizational leadership
bull A simulation exercise is designed to practice on the application of strategy formulation in real world situations
SIMULATION EXERCISE
Groups of Course Participants are to prepare Strategy Formulation Schedule for the National Institute for Policy and Strategic Studies from the amended Mission and Vision of previous Exercise
ReferenceAcur N amp Englyst L (2006) Assessment of strategy formulation How to ensure quality in process and outcome International Journal of Operations and Production Management 26(1) 69-91Barney J B (1086) Types of competition and the theory of strategy Toward an integrative framework Academy of Management Review 11(4) 791-800 Retrieved from httpamraomorgcontent114791short Berg T M W Heymanns S S Leone D Vergouw J A Hayden A P Verhagen amp H Vet (2013) Overview of data-synthesis in systematic reviews of studies on outcome prediction BMC Medical Research Methodologies BMC Series Retrieved from httpbmcmmedresmethodolbiomedcentralcomarticles1011861471-2288-13-42 Bohannon J (2009) The keen eyes of a gamer Science March 30 [Online] American Association for Advancement of Science (AAAS) Retrieved from httpsciencemagorg 10 April 2016Bordean O Borza A Rus C amp Mitra C (2010) An investigation on the strategy formulation process within the Roman companies Managerial Challenges of the Contemporary Society Proceedings 26-31BusinessDictionarycom httpwwwbusinessdictionarycomdefinition-organizational-leadershiphtmlChamberlain G P (2010) Understanding strategy Charleston NC Create SpaceCorreia Z amp Wilson T D (1997) Scanning the business environment for information A grounded theory approach Information Research 2(4) April Retrieved from httpwwwinformationrnetir2-4paper21html Costa J (1997) A study of strategic planning and environmental scanning in the multi-unit Portuguese hotel sector A Thesis Submitted in Fulfillment of the Requirements for the Award of PhD Degree May Department of Management studies University of Surrey UKgtDavid F R (2008) Concepts of strategic management (6th Edition) Upper Saddle River NJ Prince-HallDess G G (2006) Consensus on strategy formulation and organizational performance Competitors in a fragmented industry Strategic Management Journal November 8 DOI 101002smj4250080305Ellerby L (2009) Analysis plus synthesis Turning data into insights UX Matters April 27 Retrieved from httpwwwuxmatterscomauthorsarchives200703lindsay_ellerbyphp Freedman L (2013) Strategy Oxford UK Oxford University PressGrant R M (2001) The resource-based theory of competitive advantage Implications for strategy formulation California Management Review Spring 1991___________ (2010) Analyzing the industry environment In Mazzucato M (ed) Strategy for business A reader London SAGE PublicationsHashemi N F Masdeh M M Razeghi A amp Rahimian A (2012) Formulating and choosing strategies using SWOT analysis and QSPM matrix A case study of Hamadan Glass CompanyHarvard Business School Review (HBR) Blog Network httpblogshbrorg Hill C W Jones G R amp Schilling M A (2015) Strategic management theory (11th Edition) London UK Cengage LearningKeeley E T (n d) How to conduct a SWOT analysis [Online] Retrieved from httpoieekuedusitesoieekuedufilesfilesSWOT20Analysispdf 10 April 2016
bull Kvint V (2009) The global emerging market Strategic management and economics New York NY Routledge Publishing Li Y Guohu S amp Eppler M J (2008) Making strategy work A literature review on factors influencing strategy implementation ICA Working Papers 22008 Institute for Corporate Communication Lugano SwitzerlandMichael Porter (nd) BrainyQuotecom Retrieved April 7 2016 from BrainyQuotecom Web site httpwwwbrainyquotecomquotesquotesmmichaelpor378202html Mitchell R C (2009) Strategy formulation [Online] Retrieved from httpwwwsaylororgsitewp-contentuploads201304BUS300-23_Strategy-Formulationpdf 10 April 2016Mintzberg H amp Quinn J B (1996) The strategy process Concepts contexts cases Upper Saddle River NJ Prentice HallMintzberg H (1978) Patterns in strategy formation Management Science 24(9) 934-948Nabradi A (nd) Strategic management process strategy formulation [Online] Retrieved from httpwwwagrunizghrmultimediapdfstrategic_mgmt_2pdfParnell J A (2005) Strategic philosophy and management level Management Decision 3(2) 157-170 Retrieved from httpwwwemeraldinsightcom00251747htm Porter M E (1991) Towards a dynamic theory of strategy Strategic Management Journal 12(S2) 95-117 Winter DOI101002smj4250121008 Porter M E (2010) What is strategy In Mazzucato M (ed) Strategy for business A reader London SAGE PublicationsRyan R (2013) Cochrane consumers and communication review group Data synthesis and analysis Cochrane Consumers and Communication Review Group June Retrieved from httpccorgcochraneorg Scouller J (2011) Three levels of leadership How to develop your leadership presence knowhow and skills Cirencester UK Management Books 2000Theocharopoulos M (2012) Strategy formulation using SWOT Retrieved from httpwwwslidesharenetmanostheocharopoulosstrategy-formulation-using-swot-15650383Ulwick A W (1999) Business strategy formulation Theory process and the intellectual revolution London UK Quorum BooksVasile T amp Iancu A (2009) A model of the strategic management processVatchkova E (2012) Contents historical development of strategy Strategic management Retrieved from httpwwwiucedueugroupmba_learning2012STRATMANEV-L1-introductionpdfWilliam E Rothschild W E (nd) httpwwwazquotescompicture-quotes Yarger H R (2006) Strategic theory for the 21st century The little book for big strategy Strategic Studies Institute Retrieved from httpwwwStrategicStudiesInstitutearmymil Yousuf M (2016) The nature of strategic management Chapter I What is strategic management Academia httpswwwacademiaedu6349510THE_NATURE_OF_STRATEGIC_MANAGEMENT_I_WHAT_IS_STRATEGIC_MANAGEMENTZan L (1990) Looking for theories in strategy studies Scandinavian Journal of Management 6(2) 89-108 httpwwwsciencedirectcomsciencearticlepii095652219090018C Zhang X Majid S amp Foo S (2010) Environmental scanning An application of information literacy skills at the work place Journal of Information Science 36(6) 719-732 DOI1011771065551510385644 httpwwwquotelandcomauthorRobert-J-Mckain-Quotes6434httpspcscaliforniaincwordpresscomcategorygeneral-management-workshop httpwwwcivilserviceindiacomsubjectManagementnotesnature-and-scope-of-strategic-managementhtml
Strategy Formulation as Leadership Instrument
bull Strategy is ldquothe match an organization makes between its internal resources and skills and the opportunities and risks created by its external environmentrdquo (Grant 2001 p 114)
bull The strategic formulation cycle consisting of data synthesis environmental scanning and SWOT analysis submits to continuous review
bull It is an effective instrument of organizational leadership for effective and efficient attainment of mission and vision
Strategy Formulation and Organizational Performance
bull Consensus on objectives or methods and collaboration amongst management team members positively relates to organizational performance (Dess 2006)
bull Leadership has great influence on organizational performance particular as it relates to strategy formulation and day to day decision making actions
bull All these are tied to the cycle of vision mission and strategy formulation leading to action plan
CONCLUSION
Summary
bull The paper conceptualizes strategy formulation and its major components and discusses and correlates data synthesis environmental scanning and SWOT analysis in strategy formulation
bull It establishes strategy formulation as starting point of the strategic management process or planning and explains the conduct of strategy formulation as tool for organizational leadership
Conclusion
bull The strategy formulation is proposed as a crucial organizational leadership instrument of the strategic management process with illustrations
bull The paper draws conclusions on the foundational value and contribution of strategy formulation in the strategic management process
Recommendations
bull It strongly recommends knowledge and skills on strategy formulation and strategic management process for middle and higher executive who constitute organizational leadership
bull A simulation exercise is designed to practice on the application of strategy formulation in real world situations
SIMULATION EXERCISE
Groups of Course Participants are to prepare Strategy Formulation Schedule for the National Institute for Policy and Strategic Studies from the amended Mission and Vision of previous Exercise
ReferenceAcur N amp Englyst L (2006) Assessment of strategy formulation How to ensure quality in process and outcome International Journal of Operations and Production Management 26(1) 69-91Barney J B (1086) Types of competition and the theory of strategy Toward an integrative framework Academy of Management Review 11(4) 791-800 Retrieved from httpamraomorgcontent114791short Berg T M W Heymanns S S Leone D Vergouw J A Hayden A P Verhagen amp H Vet (2013) Overview of data-synthesis in systematic reviews of studies on outcome prediction BMC Medical Research Methodologies BMC Series Retrieved from httpbmcmmedresmethodolbiomedcentralcomarticles1011861471-2288-13-42 Bohannon J (2009) The keen eyes of a gamer Science March 30 [Online] American Association for Advancement of Science (AAAS) Retrieved from httpsciencemagorg 10 April 2016Bordean O Borza A Rus C amp Mitra C (2010) An investigation on the strategy formulation process within the Roman companies Managerial Challenges of the Contemporary Society Proceedings 26-31BusinessDictionarycom httpwwwbusinessdictionarycomdefinition-organizational-leadershiphtmlChamberlain G P (2010) Understanding strategy Charleston NC Create SpaceCorreia Z amp Wilson T D (1997) Scanning the business environment for information A grounded theory approach Information Research 2(4) April Retrieved from httpwwwinformationrnetir2-4paper21html Costa J (1997) A study of strategic planning and environmental scanning in the multi-unit Portuguese hotel sector A Thesis Submitted in Fulfillment of the Requirements for the Award of PhD Degree May Department of Management studies University of Surrey UKgtDavid F R (2008) Concepts of strategic management (6th Edition) Upper Saddle River NJ Prince-HallDess G G (2006) Consensus on strategy formulation and organizational performance Competitors in a fragmented industry Strategic Management Journal November 8 DOI 101002smj4250080305Ellerby L (2009) Analysis plus synthesis Turning data into insights UX Matters April 27 Retrieved from httpwwwuxmatterscomauthorsarchives200703lindsay_ellerbyphp Freedman L (2013) Strategy Oxford UK Oxford University PressGrant R M (2001) The resource-based theory of competitive advantage Implications for strategy formulation California Management Review Spring 1991___________ (2010) Analyzing the industry environment In Mazzucato M (ed) Strategy for business A reader London SAGE PublicationsHashemi N F Masdeh M M Razeghi A amp Rahimian A (2012) Formulating and choosing strategies using SWOT analysis and QSPM matrix A case study of Hamadan Glass CompanyHarvard Business School Review (HBR) Blog Network httpblogshbrorg Hill C W Jones G R amp Schilling M A (2015) Strategic management theory (11th Edition) London UK Cengage LearningKeeley E T (n d) How to conduct a SWOT analysis [Online] Retrieved from httpoieekuedusitesoieekuedufilesfilesSWOT20Analysispdf 10 April 2016
bull Kvint V (2009) The global emerging market Strategic management and economics New York NY Routledge Publishing Li Y Guohu S amp Eppler M J (2008) Making strategy work A literature review on factors influencing strategy implementation ICA Working Papers 22008 Institute for Corporate Communication Lugano SwitzerlandMichael Porter (nd) BrainyQuotecom Retrieved April 7 2016 from BrainyQuotecom Web site httpwwwbrainyquotecomquotesquotesmmichaelpor378202html Mitchell R C (2009) Strategy formulation [Online] Retrieved from httpwwwsaylororgsitewp-contentuploads201304BUS300-23_Strategy-Formulationpdf 10 April 2016Mintzberg H amp Quinn J B (1996) The strategy process Concepts contexts cases Upper Saddle River NJ Prentice HallMintzberg H (1978) Patterns in strategy formation Management Science 24(9) 934-948Nabradi A (nd) Strategic management process strategy formulation [Online] Retrieved from httpwwwagrunizghrmultimediapdfstrategic_mgmt_2pdfParnell J A (2005) Strategic philosophy and management level Management Decision 3(2) 157-170 Retrieved from httpwwwemeraldinsightcom00251747htm Porter M E (1991) Towards a dynamic theory of strategy Strategic Management Journal 12(S2) 95-117 Winter DOI101002smj4250121008 Porter M E (2010) What is strategy In Mazzucato M (ed) Strategy for business A reader London SAGE PublicationsRyan R (2013) Cochrane consumers and communication review group Data synthesis and analysis Cochrane Consumers and Communication Review Group June Retrieved from httpccorgcochraneorg Scouller J (2011) Three levels of leadership How to develop your leadership presence knowhow and skills Cirencester UK Management Books 2000Theocharopoulos M (2012) Strategy formulation using SWOT Retrieved from httpwwwslidesharenetmanostheocharopoulosstrategy-formulation-using-swot-15650383Ulwick A W (1999) Business strategy formulation Theory process and the intellectual revolution London UK Quorum BooksVasile T amp Iancu A (2009) A model of the strategic management processVatchkova E (2012) Contents historical development of strategy Strategic management Retrieved from httpwwwiucedueugroupmba_learning2012STRATMANEV-L1-introductionpdfWilliam E Rothschild W E (nd) httpwwwazquotescompicture-quotes Yarger H R (2006) Strategic theory for the 21st century The little book for big strategy Strategic Studies Institute Retrieved from httpwwwStrategicStudiesInstitutearmymil Yousuf M (2016) The nature of strategic management Chapter I What is strategic management Academia httpswwwacademiaedu6349510THE_NATURE_OF_STRATEGIC_MANAGEMENT_I_WHAT_IS_STRATEGIC_MANAGEMENTZan L (1990) Looking for theories in strategy studies Scandinavian Journal of Management 6(2) 89-108 httpwwwsciencedirectcomsciencearticlepii095652219090018C Zhang X Majid S amp Foo S (2010) Environmental scanning An application of information literacy skills at the work place Journal of Information Science 36(6) 719-732 DOI1011771065551510385644 httpwwwquotelandcomauthorRobert-J-Mckain-Quotes6434httpspcscaliforniaincwordpresscomcategorygeneral-management-workshop httpwwwcivilserviceindiacomsubjectManagementnotesnature-and-scope-of-strategic-managementhtml
Strategy Formulation and Organizational Performance
bull Consensus on objectives or methods and collaboration amongst management team members positively relates to organizational performance (Dess 2006)
bull Leadership has great influence on organizational performance particular as it relates to strategy formulation and day to day decision making actions
bull All these are tied to the cycle of vision mission and strategy formulation leading to action plan
CONCLUSION
Summary
bull The paper conceptualizes strategy formulation and its major components and discusses and correlates data synthesis environmental scanning and SWOT analysis in strategy formulation
bull It establishes strategy formulation as starting point of the strategic management process or planning and explains the conduct of strategy formulation as tool for organizational leadership
Conclusion
bull The strategy formulation is proposed as a crucial organizational leadership instrument of the strategic management process with illustrations
bull The paper draws conclusions on the foundational value and contribution of strategy formulation in the strategic management process
Recommendations
bull It strongly recommends knowledge and skills on strategy formulation and strategic management process for middle and higher executive who constitute organizational leadership
bull A simulation exercise is designed to practice on the application of strategy formulation in real world situations
SIMULATION EXERCISE
Groups of Course Participants are to prepare Strategy Formulation Schedule for the National Institute for Policy and Strategic Studies from the amended Mission and Vision of previous Exercise
ReferenceAcur N amp Englyst L (2006) Assessment of strategy formulation How to ensure quality in process and outcome International Journal of Operations and Production Management 26(1) 69-91Barney J B (1086) Types of competition and the theory of strategy Toward an integrative framework Academy of Management Review 11(4) 791-800 Retrieved from httpamraomorgcontent114791short Berg T M W Heymanns S S Leone D Vergouw J A Hayden A P Verhagen amp H Vet (2013) Overview of data-synthesis in systematic reviews of studies on outcome prediction BMC Medical Research Methodologies BMC Series Retrieved from httpbmcmmedresmethodolbiomedcentralcomarticles1011861471-2288-13-42 Bohannon J (2009) The keen eyes of a gamer Science March 30 [Online] American Association for Advancement of Science (AAAS) Retrieved from httpsciencemagorg 10 April 2016Bordean O Borza A Rus C amp Mitra C (2010) An investigation on the strategy formulation process within the Roman companies Managerial Challenges of the Contemporary Society Proceedings 26-31BusinessDictionarycom httpwwwbusinessdictionarycomdefinition-organizational-leadershiphtmlChamberlain G P (2010) Understanding strategy Charleston NC Create SpaceCorreia Z amp Wilson T D (1997) Scanning the business environment for information A grounded theory approach Information Research 2(4) April Retrieved from httpwwwinformationrnetir2-4paper21html Costa J (1997) A study of strategic planning and environmental scanning in the multi-unit Portuguese hotel sector A Thesis Submitted in Fulfillment of the Requirements for the Award of PhD Degree May Department of Management studies University of Surrey UKgtDavid F R (2008) Concepts of strategic management (6th Edition) Upper Saddle River NJ Prince-HallDess G G (2006) Consensus on strategy formulation and organizational performance Competitors in a fragmented industry Strategic Management Journal November 8 DOI 101002smj4250080305Ellerby L (2009) Analysis plus synthesis Turning data into insights UX Matters April 27 Retrieved from httpwwwuxmatterscomauthorsarchives200703lindsay_ellerbyphp Freedman L (2013) Strategy Oxford UK Oxford University PressGrant R M (2001) The resource-based theory of competitive advantage Implications for strategy formulation California Management Review Spring 1991___________ (2010) Analyzing the industry environment In Mazzucato M (ed) Strategy for business A reader London SAGE PublicationsHashemi N F Masdeh M M Razeghi A amp Rahimian A (2012) Formulating and choosing strategies using SWOT analysis and QSPM matrix A case study of Hamadan Glass CompanyHarvard Business School Review (HBR) Blog Network httpblogshbrorg Hill C W Jones G R amp Schilling M A (2015) Strategic management theory (11th Edition) London UK Cengage LearningKeeley E T (n d) How to conduct a SWOT analysis [Online] Retrieved from httpoieekuedusitesoieekuedufilesfilesSWOT20Analysispdf 10 April 2016
bull Kvint V (2009) The global emerging market Strategic management and economics New York NY Routledge Publishing Li Y Guohu S amp Eppler M J (2008) Making strategy work A literature review on factors influencing strategy implementation ICA Working Papers 22008 Institute for Corporate Communication Lugano SwitzerlandMichael Porter (nd) BrainyQuotecom Retrieved April 7 2016 from BrainyQuotecom Web site httpwwwbrainyquotecomquotesquotesmmichaelpor378202html Mitchell R C (2009) Strategy formulation [Online] Retrieved from httpwwwsaylororgsitewp-contentuploads201304BUS300-23_Strategy-Formulationpdf 10 April 2016Mintzberg H amp Quinn J B (1996) The strategy process Concepts contexts cases Upper Saddle River NJ Prentice HallMintzberg H (1978) Patterns in strategy formation Management Science 24(9) 934-948Nabradi A (nd) Strategic management process strategy formulation [Online] Retrieved from httpwwwagrunizghrmultimediapdfstrategic_mgmt_2pdfParnell J A (2005) Strategic philosophy and management level Management Decision 3(2) 157-170 Retrieved from httpwwwemeraldinsightcom00251747htm Porter M E (1991) Towards a dynamic theory of strategy Strategic Management Journal 12(S2) 95-117 Winter DOI101002smj4250121008 Porter M E (2010) What is strategy In Mazzucato M (ed) Strategy for business A reader London SAGE PublicationsRyan R (2013) Cochrane consumers and communication review group Data synthesis and analysis Cochrane Consumers and Communication Review Group June Retrieved from httpccorgcochraneorg Scouller J (2011) Three levels of leadership How to develop your leadership presence knowhow and skills Cirencester UK Management Books 2000Theocharopoulos M (2012) Strategy formulation using SWOT Retrieved from httpwwwslidesharenetmanostheocharopoulosstrategy-formulation-using-swot-15650383Ulwick A W (1999) Business strategy formulation Theory process and the intellectual revolution London UK Quorum BooksVasile T amp Iancu A (2009) A model of the strategic management processVatchkova E (2012) Contents historical development of strategy Strategic management Retrieved from httpwwwiucedueugroupmba_learning2012STRATMANEV-L1-introductionpdfWilliam E Rothschild W E (nd) httpwwwazquotescompicture-quotes Yarger H R (2006) Strategic theory for the 21st century The little book for big strategy Strategic Studies Institute Retrieved from httpwwwStrategicStudiesInstitutearmymil Yousuf M (2016) The nature of strategic management Chapter I What is strategic management Academia httpswwwacademiaedu6349510THE_NATURE_OF_STRATEGIC_MANAGEMENT_I_WHAT_IS_STRATEGIC_MANAGEMENTZan L (1990) Looking for theories in strategy studies Scandinavian Journal of Management 6(2) 89-108 httpwwwsciencedirectcomsciencearticlepii095652219090018C Zhang X Majid S amp Foo S (2010) Environmental scanning An application of information literacy skills at the work place Journal of Information Science 36(6) 719-732 DOI1011771065551510385644 httpwwwquotelandcomauthorRobert-J-Mckain-Quotes6434httpspcscaliforniaincwordpresscomcategorygeneral-management-workshop httpwwwcivilserviceindiacomsubjectManagementnotesnature-and-scope-of-strategic-managementhtml
CONCLUSION
Summary
bull The paper conceptualizes strategy formulation and its major components and discusses and correlates data synthesis environmental scanning and SWOT analysis in strategy formulation
bull It establishes strategy formulation as starting point of the strategic management process or planning and explains the conduct of strategy formulation as tool for organizational leadership
Conclusion
bull The strategy formulation is proposed as a crucial organizational leadership instrument of the strategic management process with illustrations
bull The paper draws conclusions on the foundational value and contribution of strategy formulation in the strategic management process
Recommendations
bull It strongly recommends knowledge and skills on strategy formulation and strategic management process for middle and higher executive who constitute organizational leadership
bull A simulation exercise is designed to practice on the application of strategy formulation in real world situations
SIMULATION EXERCISE
Groups of Course Participants are to prepare Strategy Formulation Schedule for the National Institute for Policy and Strategic Studies from the amended Mission and Vision of previous Exercise
ReferenceAcur N amp Englyst L (2006) Assessment of strategy formulation How to ensure quality in process and outcome International Journal of Operations and Production Management 26(1) 69-91Barney J B (1086) Types of competition and the theory of strategy Toward an integrative framework Academy of Management Review 11(4) 791-800 Retrieved from httpamraomorgcontent114791short Berg T M W Heymanns S S Leone D Vergouw J A Hayden A P Verhagen amp H Vet (2013) Overview of data-synthesis in systematic reviews of studies on outcome prediction BMC Medical Research Methodologies BMC Series Retrieved from httpbmcmmedresmethodolbiomedcentralcomarticles1011861471-2288-13-42 Bohannon J (2009) The keen eyes of a gamer Science March 30 [Online] American Association for Advancement of Science (AAAS) Retrieved from httpsciencemagorg 10 April 2016Bordean O Borza A Rus C amp Mitra C (2010) An investigation on the strategy formulation process within the Roman companies Managerial Challenges of the Contemporary Society Proceedings 26-31BusinessDictionarycom httpwwwbusinessdictionarycomdefinition-organizational-leadershiphtmlChamberlain G P (2010) Understanding strategy Charleston NC Create SpaceCorreia Z amp Wilson T D (1997) Scanning the business environment for information A grounded theory approach Information Research 2(4) April Retrieved from httpwwwinformationrnetir2-4paper21html Costa J (1997) A study of strategic planning and environmental scanning in the multi-unit Portuguese hotel sector A Thesis Submitted in Fulfillment of the Requirements for the Award of PhD Degree May Department of Management studies University of Surrey UKgtDavid F R (2008) Concepts of strategic management (6th Edition) Upper Saddle River NJ Prince-HallDess G G (2006) Consensus on strategy formulation and organizational performance Competitors in a fragmented industry Strategic Management Journal November 8 DOI 101002smj4250080305Ellerby L (2009) Analysis plus synthesis Turning data into insights UX Matters April 27 Retrieved from httpwwwuxmatterscomauthorsarchives200703lindsay_ellerbyphp Freedman L (2013) Strategy Oxford UK Oxford University PressGrant R M (2001) The resource-based theory of competitive advantage Implications for strategy formulation California Management Review Spring 1991___________ (2010) Analyzing the industry environment In Mazzucato M (ed) Strategy for business A reader London SAGE PublicationsHashemi N F Masdeh M M Razeghi A amp Rahimian A (2012) Formulating and choosing strategies using SWOT analysis and QSPM matrix A case study of Hamadan Glass CompanyHarvard Business School Review (HBR) Blog Network httpblogshbrorg Hill C W Jones G R amp Schilling M A (2015) Strategic management theory (11th Edition) London UK Cengage LearningKeeley E T (n d) How to conduct a SWOT analysis [Online] Retrieved from httpoieekuedusitesoieekuedufilesfilesSWOT20Analysispdf 10 April 2016
bull Kvint V (2009) The global emerging market Strategic management and economics New York NY Routledge Publishing Li Y Guohu S amp Eppler M J (2008) Making strategy work A literature review on factors influencing strategy implementation ICA Working Papers 22008 Institute for Corporate Communication Lugano SwitzerlandMichael Porter (nd) BrainyQuotecom Retrieved April 7 2016 from BrainyQuotecom Web site httpwwwbrainyquotecomquotesquotesmmichaelpor378202html Mitchell R C (2009) Strategy formulation [Online] Retrieved from httpwwwsaylororgsitewp-contentuploads201304BUS300-23_Strategy-Formulationpdf 10 April 2016Mintzberg H amp Quinn J B (1996) The strategy process Concepts contexts cases Upper Saddle River NJ Prentice HallMintzberg H (1978) Patterns in strategy formation Management Science 24(9) 934-948Nabradi A (nd) Strategic management process strategy formulation [Online] Retrieved from httpwwwagrunizghrmultimediapdfstrategic_mgmt_2pdfParnell J A (2005) Strategic philosophy and management level Management Decision 3(2) 157-170 Retrieved from httpwwwemeraldinsightcom00251747htm Porter M E (1991) Towards a dynamic theory of strategy Strategic Management Journal 12(S2) 95-117 Winter DOI101002smj4250121008 Porter M E (2010) What is strategy In Mazzucato M (ed) Strategy for business A reader London SAGE PublicationsRyan R (2013) Cochrane consumers and communication review group Data synthesis and analysis Cochrane Consumers and Communication Review Group June Retrieved from httpccorgcochraneorg Scouller J (2011) Three levels of leadership How to develop your leadership presence knowhow and skills Cirencester UK Management Books 2000Theocharopoulos M (2012) Strategy formulation using SWOT Retrieved from httpwwwslidesharenetmanostheocharopoulosstrategy-formulation-using-swot-15650383Ulwick A W (1999) Business strategy formulation Theory process and the intellectual revolution London UK Quorum BooksVasile T amp Iancu A (2009) A model of the strategic management processVatchkova E (2012) Contents historical development of strategy Strategic management Retrieved from httpwwwiucedueugroupmba_learning2012STRATMANEV-L1-introductionpdfWilliam E Rothschild W E (nd) httpwwwazquotescompicture-quotes Yarger H R (2006) Strategic theory for the 21st century The little book for big strategy Strategic Studies Institute Retrieved from httpwwwStrategicStudiesInstitutearmymil Yousuf M (2016) The nature of strategic management Chapter I What is strategic management Academia httpswwwacademiaedu6349510THE_NATURE_OF_STRATEGIC_MANAGEMENT_I_WHAT_IS_STRATEGIC_MANAGEMENTZan L (1990) Looking for theories in strategy studies Scandinavian Journal of Management 6(2) 89-108 httpwwwsciencedirectcomsciencearticlepii095652219090018C Zhang X Majid S amp Foo S (2010) Environmental scanning An application of information literacy skills at the work place Journal of Information Science 36(6) 719-732 DOI1011771065551510385644 httpwwwquotelandcomauthorRobert-J-Mckain-Quotes6434httpspcscaliforniaincwordpresscomcategorygeneral-management-workshop httpwwwcivilserviceindiacomsubjectManagementnotesnature-and-scope-of-strategic-managementhtml
Summary
bull The paper conceptualizes strategy formulation and its major components and discusses and correlates data synthesis environmental scanning and SWOT analysis in strategy formulation
bull It establishes strategy formulation as starting point of the strategic management process or planning and explains the conduct of strategy formulation as tool for organizational leadership
Conclusion
bull The strategy formulation is proposed as a crucial organizational leadership instrument of the strategic management process with illustrations
bull The paper draws conclusions on the foundational value and contribution of strategy formulation in the strategic management process
Recommendations
bull It strongly recommends knowledge and skills on strategy formulation and strategic management process for middle and higher executive who constitute organizational leadership
bull A simulation exercise is designed to practice on the application of strategy formulation in real world situations
SIMULATION EXERCISE
Groups of Course Participants are to prepare Strategy Formulation Schedule for the National Institute for Policy and Strategic Studies from the amended Mission and Vision of previous Exercise
ReferenceAcur N amp Englyst L (2006) Assessment of strategy formulation How to ensure quality in process and outcome International Journal of Operations and Production Management 26(1) 69-91Barney J B (1086) Types of competition and the theory of strategy Toward an integrative framework Academy of Management Review 11(4) 791-800 Retrieved from httpamraomorgcontent114791short Berg T M W Heymanns S S Leone D Vergouw J A Hayden A P Verhagen amp H Vet (2013) Overview of data-synthesis in systematic reviews of studies on outcome prediction BMC Medical Research Methodologies BMC Series Retrieved from httpbmcmmedresmethodolbiomedcentralcomarticles1011861471-2288-13-42 Bohannon J (2009) The keen eyes of a gamer Science March 30 [Online] American Association for Advancement of Science (AAAS) Retrieved from httpsciencemagorg 10 April 2016Bordean O Borza A Rus C amp Mitra C (2010) An investigation on the strategy formulation process within the Roman companies Managerial Challenges of the Contemporary Society Proceedings 26-31BusinessDictionarycom httpwwwbusinessdictionarycomdefinition-organizational-leadershiphtmlChamberlain G P (2010) Understanding strategy Charleston NC Create SpaceCorreia Z amp Wilson T D (1997) Scanning the business environment for information A grounded theory approach Information Research 2(4) April Retrieved from httpwwwinformationrnetir2-4paper21html Costa J (1997) A study of strategic planning and environmental scanning in the multi-unit Portuguese hotel sector A Thesis Submitted in Fulfillment of the Requirements for the Award of PhD Degree May Department of Management studies University of Surrey UKgtDavid F R (2008) Concepts of strategic management (6th Edition) Upper Saddle River NJ Prince-HallDess G G (2006) Consensus on strategy formulation and organizational performance Competitors in a fragmented industry Strategic Management Journal November 8 DOI 101002smj4250080305Ellerby L (2009) Analysis plus synthesis Turning data into insights UX Matters April 27 Retrieved from httpwwwuxmatterscomauthorsarchives200703lindsay_ellerbyphp Freedman L (2013) Strategy Oxford UK Oxford University PressGrant R M (2001) The resource-based theory of competitive advantage Implications for strategy formulation California Management Review Spring 1991___________ (2010) Analyzing the industry environment In Mazzucato M (ed) Strategy for business A reader London SAGE PublicationsHashemi N F Masdeh M M Razeghi A amp Rahimian A (2012) Formulating and choosing strategies using SWOT analysis and QSPM matrix A case study of Hamadan Glass CompanyHarvard Business School Review (HBR) Blog Network httpblogshbrorg Hill C W Jones G R amp Schilling M A (2015) Strategic management theory (11th Edition) London UK Cengage LearningKeeley E T (n d) How to conduct a SWOT analysis [Online] Retrieved from httpoieekuedusitesoieekuedufilesfilesSWOT20Analysispdf 10 April 2016
bull Kvint V (2009) The global emerging market Strategic management and economics New York NY Routledge Publishing Li Y Guohu S amp Eppler M J (2008) Making strategy work A literature review on factors influencing strategy implementation ICA Working Papers 22008 Institute for Corporate Communication Lugano SwitzerlandMichael Porter (nd) BrainyQuotecom Retrieved April 7 2016 from BrainyQuotecom Web site httpwwwbrainyquotecomquotesquotesmmichaelpor378202html Mitchell R C (2009) Strategy formulation [Online] Retrieved from httpwwwsaylororgsitewp-contentuploads201304BUS300-23_Strategy-Formulationpdf 10 April 2016Mintzberg H amp Quinn J B (1996) The strategy process Concepts contexts cases Upper Saddle River NJ Prentice HallMintzberg H (1978) Patterns in strategy formation Management Science 24(9) 934-948Nabradi A (nd) Strategic management process strategy formulation [Online] Retrieved from httpwwwagrunizghrmultimediapdfstrategic_mgmt_2pdfParnell J A (2005) Strategic philosophy and management level Management Decision 3(2) 157-170 Retrieved from httpwwwemeraldinsightcom00251747htm Porter M E (1991) Towards a dynamic theory of strategy Strategic Management Journal 12(S2) 95-117 Winter DOI101002smj4250121008 Porter M E (2010) What is strategy In Mazzucato M (ed) Strategy for business A reader London SAGE PublicationsRyan R (2013) Cochrane consumers and communication review group Data synthesis and analysis Cochrane Consumers and Communication Review Group June Retrieved from httpccorgcochraneorg Scouller J (2011) Three levels of leadership How to develop your leadership presence knowhow and skills Cirencester UK Management Books 2000Theocharopoulos M (2012) Strategy formulation using SWOT Retrieved from httpwwwslidesharenetmanostheocharopoulosstrategy-formulation-using-swot-15650383Ulwick A W (1999) Business strategy formulation Theory process and the intellectual revolution London UK Quorum BooksVasile T amp Iancu A (2009) A model of the strategic management processVatchkova E (2012) Contents historical development of strategy Strategic management Retrieved from httpwwwiucedueugroupmba_learning2012STRATMANEV-L1-introductionpdfWilliam E Rothschild W E (nd) httpwwwazquotescompicture-quotes Yarger H R (2006) Strategic theory for the 21st century The little book for big strategy Strategic Studies Institute Retrieved from httpwwwStrategicStudiesInstitutearmymil Yousuf M (2016) The nature of strategic management Chapter I What is strategic management Academia httpswwwacademiaedu6349510THE_NATURE_OF_STRATEGIC_MANAGEMENT_I_WHAT_IS_STRATEGIC_MANAGEMENTZan L (1990) Looking for theories in strategy studies Scandinavian Journal of Management 6(2) 89-108 httpwwwsciencedirectcomsciencearticlepii095652219090018C Zhang X Majid S amp Foo S (2010) Environmental scanning An application of information literacy skills at the work place Journal of Information Science 36(6) 719-732 DOI1011771065551510385644 httpwwwquotelandcomauthorRobert-J-Mckain-Quotes6434httpspcscaliforniaincwordpresscomcategorygeneral-management-workshop httpwwwcivilserviceindiacomsubjectManagementnotesnature-and-scope-of-strategic-managementhtml
Conclusion
bull The strategy formulation is proposed as a crucial organizational leadership instrument of the strategic management process with illustrations
bull The paper draws conclusions on the foundational value and contribution of strategy formulation in the strategic management process
Recommendations
bull It strongly recommends knowledge and skills on strategy formulation and strategic management process for middle and higher executive who constitute organizational leadership
bull A simulation exercise is designed to practice on the application of strategy formulation in real world situations
SIMULATION EXERCISE
Groups of Course Participants are to prepare Strategy Formulation Schedule for the National Institute for Policy and Strategic Studies from the amended Mission and Vision of previous Exercise
ReferenceAcur N amp Englyst L (2006) Assessment of strategy formulation How to ensure quality in process and outcome International Journal of Operations and Production Management 26(1) 69-91Barney J B (1086) Types of competition and the theory of strategy Toward an integrative framework Academy of Management Review 11(4) 791-800 Retrieved from httpamraomorgcontent114791short Berg T M W Heymanns S S Leone D Vergouw J A Hayden A P Verhagen amp H Vet (2013) Overview of data-synthesis in systematic reviews of studies on outcome prediction BMC Medical Research Methodologies BMC Series Retrieved from httpbmcmmedresmethodolbiomedcentralcomarticles1011861471-2288-13-42 Bohannon J (2009) The keen eyes of a gamer Science March 30 [Online] American Association for Advancement of Science (AAAS) Retrieved from httpsciencemagorg 10 April 2016Bordean O Borza A Rus C amp Mitra C (2010) An investigation on the strategy formulation process within the Roman companies Managerial Challenges of the Contemporary Society Proceedings 26-31BusinessDictionarycom httpwwwbusinessdictionarycomdefinition-organizational-leadershiphtmlChamberlain G P (2010) Understanding strategy Charleston NC Create SpaceCorreia Z amp Wilson T D (1997) Scanning the business environment for information A grounded theory approach Information Research 2(4) April Retrieved from httpwwwinformationrnetir2-4paper21html Costa J (1997) A study of strategic planning and environmental scanning in the multi-unit Portuguese hotel sector A Thesis Submitted in Fulfillment of the Requirements for the Award of PhD Degree May Department of Management studies University of Surrey UKgtDavid F R (2008) Concepts of strategic management (6th Edition) Upper Saddle River NJ Prince-HallDess G G (2006) Consensus on strategy formulation and organizational performance Competitors in a fragmented industry Strategic Management Journal November 8 DOI 101002smj4250080305Ellerby L (2009) Analysis plus synthesis Turning data into insights UX Matters April 27 Retrieved from httpwwwuxmatterscomauthorsarchives200703lindsay_ellerbyphp Freedman L (2013) Strategy Oxford UK Oxford University PressGrant R M (2001) The resource-based theory of competitive advantage Implications for strategy formulation California Management Review Spring 1991___________ (2010) Analyzing the industry environment In Mazzucato M (ed) Strategy for business A reader London SAGE PublicationsHashemi N F Masdeh M M Razeghi A amp Rahimian A (2012) Formulating and choosing strategies using SWOT analysis and QSPM matrix A case study of Hamadan Glass CompanyHarvard Business School Review (HBR) Blog Network httpblogshbrorg Hill C W Jones G R amp Schilling M A (2015) Strategic management theory (11th Edition) London UK Cengage LearningKeeley E T (n d) How to conduct a SWOT analysis [Online] Retrieved from httpoieekuedusitesoieekuedufilesfilesSWOT20Analysispdf 10 April 2016
bull Kvint V (2009) The global emerging market Strategic management and economics New York NY Routledge Publishing Li Y Guohu S amp Eppler M J (2008) Making strategy work A literature review on factors influencing strategy implementation ICA Working Papers 22008 Institute for Corporate Communication Lugano SwitzerlandMichael Porter (nd) BrainyQuotecom Retrieved April 7 2016 from BrainyQuotecom Web site httpwwwbrainyquotecomquotesquotesmmichaelpor378202html Mitchell R C (2009) Strategy formulation [Online] Retrieved from httpwwwsaylororgsitewp-contentuploads201304BUS300-23_Strategy-Formulationpdf 10 April 2016Mintzberg H amp Quinn J B (1996) The strategy process Concepts contexts cases Upper Saddle River NJ Prentice HallMintzberg H (1978) Patterns in strategy formation Management Science 24(9) 934-948Nabradi A (nd) Strategic management process strategy formulation [Online] Retrieved from httpwwwagrunizghrmultimediapdfstrategic_mgmt_2pdfParnell J A (2005) Strategic philosophy and management level Management Decision 3(2) 157-170 Retrieved from httpwwwemeraldinsightcom00251747htm Porter M E (1991) Towards a dynamic theory of strategy Strategic Management Journal 12(S2) 95-117 Winter DOI101002smj4250121008 Porter M E (2010) What is strategy In Mazzucato M (ed) Strategy for business A reader London SAGE PublicationsRyan R (2013) Cochrane consumers and communication review group Data synthesis and analysis Cochrane Consumers and Communication Review Group June Retrieved from httpccorgcochraneorg Scouller J (2011) Three levels of leadership How to develop your leadership presence knowhow and skills Cirencester UK Management Books 2000Theocharopoulos M (2012) Strategy formulation using SWOT Retrieved from httpwwwslidesharenetmanostheocharopoulosstrategy-formulation-using-swot-15650383Ulwick A W (1999) Business strategy formulation Theory process and the intellectual revolution London UK Quorum BooksVasile T amp Iancu A (2009) A model of the strategic management processVatchkova E (2012) Contents historical development of strategy Strategic management Retrieved from httpwwwiucedueugroupmba_learning2012STRATMANEV-L1-introductionpdfWilliam E Rothschild W E (nd) httpwwwazquotescompicture-quotes Yarger H R (2006) Strategic theory for the 21st century The little book for big strategy Strategic Studies Institute Retrieved from httpwwwStrategicStudiesInstitutearmymil Yousuf M (2016) The nature of strategic management Chapter I What is strategic management Academia httpswwwacademiaedu6349510THE_NATURE_OF_STRATEGIC_MANAGEMENT_I_WHAT_IS_STRATEGIC_MANAGEMENTZan L (1990) Looking for theories in strategy studies Scandinavian Journal of Management 6(2) 89-108 httpwwwsciencedirectcomsciencearticlepii095652219090018C Zhang X Majid S amp Foo S (2010) Environmental scanning An application of information literacy skills at the work place Journal of Information Science 36(6) 719-732 DOI1011771065551510385644 httpwwwquotelandcomauthorRobert-J-Mckain-Quotes6434httpspcscaliforniaincwordpresscomcategorygeneral-management-workshop httpwwwcivilserviceindiacomsubjectManagementnotesnature-and-scope-of-strategic-managementhtml
Recommendations
bull It strongly recommends knowledge and skills on strategy formulation and strategic management process for middle and higher executive who constitute organizational leadership
bull A simulation exercise is designed to practice on the application of strategy formulation in real world situations
SIMULATION EXERCISE
Groups of Course Participants are to prepare Strategy Formulation Schedule for the National Institute for Policy and Strategic Studies from the amended Mission and Vision of previous Exercise
ReferenceAcur N amp Englyst L (2006) Assessment of strategy formulation How to ensure quality in process and outcome International Journal of Operations and Production Management 26(1) 69-91Barney J B (1086) Types of competition and the theory of strategy Toward an integrative framework Academy of Management Review 11(4) 791-800 Retrieved from httpamraomorgcontent114791short Berg T M W Heymanns S S Leone D Vergouw J A Hayden A P Verhagen amp H Vet (2013) Overview of data-synthesis in systematic reviews of studies on outcome prediction BMC Medical Research Methodologies BMC Series Retrieved from httpbmcmmedresmethodolbiomedcentralcomarticles1011861471-2288-13-42 Bohannon J (2009) The keen eyes of a gamer Science March 30 [Online] American Association for Advancement of Science (AAAS) Retrieved from httpsciencemagorg 10 April 2016Bordean O Borza A Rus C amp Mitra C (2010) An investigation on the strategy formulation process within the Roman companies Managerial Challenges of the Contemporary Society Proceedings 26-31BusinessDictionarycom httpwwwbusinessdictionarycomdefinition-organizational-leadershiphtmlChamberlain G P (2010) Understanding strategy Charleston NC Create SpaceCorreia Z amp Wilson T D (1997) Scanning the business environment for information A grounded theory approach Information Research 2(4) April Retrieved from httpwwwinformationrnetir2-4paper21html Costa J (1997) A study of strategic planning and environmental scanning in the multi-unit Portuguese hotel sector A Thesis Submitted in Fulfillment of the Requirements for the Award of PhD Degree May Department of Management studies University of Surrey UKgtDavid F R (2008) Concepts of strategic management (6th Edition) Upper Saddle River NJ Prince-HallDess G G (2006) Consensus on strategy formulation and organizational performance Competitors in a fragmented industry Strategic Management Journal November 8 DOI 101002smj4250080305Ellerby L (2009) Analysis plus synthesis Turning data into insights UX Matters April 27 Retrieved from httpwwwuxmatterscomauthorsarchives200703lindsay_ellerbyphp Freedman L (2013) Strategy Oxford UK Oxford University PressGrant R M (2001) The resource-based theory of competitive advantage Implications for strategy formulation California Management Review Spring 1991___________ (2010) Analyzing the industry environment In Mazzucato M (ed) Strategy for business A reader London SAGE PublicationsHashemi N F Masdeh M M Razeghi A amp Rahimian A (2012) Formulating and choosing strategies using SWOT analysis and QSPM matrix A case study of Hamadan Glass CompanyHarvard Business School Review (HBR) Blog Network httpblogshbrorg Hill C W Jones G R amp Schilling M A (2015) Strategic management theory (11th Edition) London UK Cengage LearningKeeley E T (n d) How to conduct a SWOT analysis [Online] Retrieved from httpoieekuedusitesoieekuedufilesfilesSWOT20Analysispdf 10 April 2016
bull Kvint V (2009) The global emerging market Strategic management and economics New York NY Routledge Publishing Li Y Guohu S amp Eppler M J (2008) Making strategy work A literature review on factors influencing strategy implementation ICA Working Papers 22008 Institute for Corporate Communication Lugano SwitzerlandMichael Porter (nd) BrainyQuotecom Retrieved April 7 2016 from BrainyQuotecom Web site httpwwwbrainyquotecomquotesquotesmmichaelpor378202html Mitchell R C (2009) Strategy formulation [Online] Retrieved from httpwwwsaylororgsitewp-contentuploads201304BUS300-23_Strategy-Formulationpdf 10 April 2016Mintzberg H amp Quinn J B (1996) The strategy process Concepts contexts cases Upper Saddle River NJ Prentice HallMintzberg H (1978) Patterns in strategy formation Management Science 24(9) 934-948Nabradi A (nd) Strategic management process strategy formulation [Online] Retrieved from httpwwwagrunizghrmultimediapdfstrategic_mgmt_2pdfParnell J A (2005) Strategic philosophy and management level Management Decision 3(2) 157-170 Retrieved from httpwwwemeraldinsightcom00251747htm Porter M E (1991) Towards a dynamic theory of strategy Strategic Management Journal 12(S2) 95-117 Winter DOI101002smj4250121008 Porter M E (2010) What is strategy In Mazzucato M (ed) Strategy for business A reader London SAGE PublicationsRyan R (2013) Cochrane consumers and communication review group Data synthesis and analysis Cochrane Consumers and Communication Review Group June Retrieved from httpccorgcochraneorg Scouller J (2011) Three levels of leadership How to develop your leadership presence knowhow and skills Cirencester UK Management Books 2000Theocharopoulos M (2012) Strategy formulation using SWOT Retrieved from httpwwwslidesharenetmanostheocharopoulosstrategy-formulation-using-swot-15650383Ulwick A W (1999) Business strategy formulation Theory process and the intellectual revolution London UK Quorum BooksVasile T amp Iancu A (2009) A model of the strategic management processVatchkova E (2012) Contents historical development of strategy Strategic management Retrieved from httpwwwiucedueugroupmba_learning2012STRATMANEV-L1-introductionpdfWilliam E Rothschild W E (nd) httpwwwazquotescompicture-quotes Yarger H R (2006) Strategic theory for the 21st century The little book for big strategy Strategic Studies Institute Retrieved from httpwwwStrategicStudiesInstitutearmymil Yousuf M (2016) The nature of strategic management Chapter I What is strategic management Academia httpswwwacademiaedu6349510THE_NATURE_OF_STRATEGIC_MANAGEMENT_I_WHAT_IS_STRATEGIC_MANAGEMENTZan L (1990) Looking for theories in strategy studies Scandinavian Journal of Management 6(2) 89-108 httpwwwsciencedirectcomsciencearticlepii095652219090018C Zhang X Majid S amp Foo S (2010) Environmental scanning An application of information literacy skills at the work place Journal of Information Science 36(6) 719-732 DOI1011771065551510385644 httpwwwquotelandcomauthorRobert-J-Mckain-Quotes6434httpspcscaliforniaincwordpresscomcategorygeneral-management-workshop httpwwwcivilserviceindiacomsubjectManagementnotesnature-and-scope-of-strategic-managementhtml
SIMULATION EXERCISE
Groups of Course Participants are to prepare Strategy Formulation Schedule for the National Institute for Policy and Strategic Studies from the amended Mission and Vision of previous Exercise
ReferenceAcur N amp Englyst L (2006) Assessment of strategy formulation How to ensure quality in process and outcome International Journal of Operations and Production Management 26(1) 69-91Barney J B (1086) Types of competition and the theory of strategy Toward an integrative framework Academy of Management Review 11(4) 791-800 Retrieved from httpamraomorgcontent114791short Berg T M W Heymanns S S Leone D Vergouw J A Hayden A P Verhagen amp H Vet (2013) Overview of data-synthesis in systematic reviews of studies on outcome prediction BMC Medical Research Methodologies BMC Series Retrieved from httpbmcmmedresmethodolbiomedcentralcomarticles1011861471-2288-13-42 Bohannon J (2009) The keen eyes of a gamer Science March 30 [Online] American Association for Advancement of Science (AAAS) Retrieved from httpsciencemagorg 10 April 2016Bordean O Borza A Rus C amp Mitra C (2010) An investigation on the strategy formulation process within the Roman companies Managerial Challenges of the Contemporary Society Proceedings 26-31BusinessDictionarycom httpwwwbusinessdictionarycomdefinition-organizational-leadershiphtmlChamberlain G P (2010) Understanding strategy Charleston NC Create SpaceCorreia Z amp Wilson T D (1997) Scanning the business environment for information A grounded theory approach Information Research 2(4) April Retrieved from httpwwwinformationrnetir2-4paper21html Costa J (1997) A study of strategic planning and environmental scanning in the multi-unit Portuguese hotel sector A Thesis Submitted in Fulfillment of the Requirements for the Award of PhD Degree May Department of Management studies University of Surrey UKgtDavid F R (2008) Concepts of strategic management (6th Edition) Upper Saddle River NJ Prince-HallDess G G (2006) Consensus on strategy formulation and organizational performance Competitors in a fragmented industry Strategic Management Journal November 8 DOI 101002smj4250080305Ellerby L (2009) Analysis plus synthesis Turning data into insights UX Matters April 27 Retrieved from httpwwwuxmatterscomauthorsarchives200703lindsay_ellerbyphp Freedman L (2013) Strategy Oxford UK Oxford University PressGrant R M (2001) The resource-based theory of competitive advantage Implications for strategy formulation California Management Review Spring 1991___________ (2010) Analyzing the industry environment In Mazzucato M (ed) Strategy for business A reader London SAGE PublicationsHashemi N F Masdeh M M Razeghi A amp Rahimian A (2012) Formulating and choosing strategies using SWOT analysis and QSPM matrix A case study of Hamadan Glass CompanyHarvard Business School Review (HBR) Blog Network httpblogshbrorg Hill C W Jones G R amp Schilling M A (2015) Strategic management theory (11th Edition) London UK Cengage LearningKeeley E T (n d) How to conduct a SWOT analysis [Online] Retrieved from httpoieekuedusitesoieekuedufilesfilesSWOT20Analysispdf 10 April 2016
bull Kvint V (2009) The global emerging market Strategic management and economics New York NY Routledge Publishing Li Y Guohu S amp Eppler M J (2008) Making strategy work A literature review on factors influencing strategy implementation ICA Working Papers 22008 Institute for Corporate Communication Lugano SwitzerlandMichael Porter (nd) BrainyQuotecom Retrieved April 7 2016 from BrainyQuotecom Web site httpwwwbrainyquotecomquotesquotesmmichaelpor378202html Mitchell R C (2009) Strategy formulation [Online] Retrieved from httpwwwsaylororgsitewp-contentuploads201304BUS300-23_Strategy-Formulationpdf 10 April 2016Mintzberg H amp Quinn J B (1996) The strategy process Concepts contexts cases Upper Saddle River NJ Prentice HallMintzberg H (1978) Patterns in strategy formation Management Science 24(9) 934-948Nabradi A (nd) Strategic management process strategy formulation [Online] Retrieved from httpwwwagrunizghrmultimediapdfstrategic_mgmt_2pdfParnell J A (2005) Strategic philosophy and management level Management Decision 3(2) 157-170 Retrieved from httpwwwemeraldinsightcom00251747htm Porter M E (1991) Towards a dynamic theory of strategy Strategic Management Journal 12(S2) 95-117 Winter DOI101002smj4250121008 Porter M E (2010) What is strategy In Mazzucato M (ed) Strategy for business A reader London SAGE PublicationsRyan R (2013) Cochrane consumers and communication review group Data synthesis and analysis Cochrane Consumers and Communication Review Group June Retrieved from httpccorgcochraneorg Scouller J (2011) Three levels of leadership How to develop your leadership presence knowhow and skills Cirencester UK Management Books 2000Theocharopoulos M (2012) Strategy formulation using SWOT Retrieved from httpwwwslidesharenetmanostheocharopoulosstrategy-formulation-using-swot-15650383Ulwick A W (1999) Business strategy formulation Theory process and the intellectual revolution London UK Quorum BooksVasile T amp Iancu A (2009) A model of the strategic management processVatchkova E (2012) Contents historical development of strategy Strategic management Retrieved from httpwwwiucedueugroupmba_learning2012STRATMANEV-L1-introductionpdfWilliam E Rothschild W E (nd) httpwwwazquotescompicture-quotes Yarger H R (2006) Strategic theory for the 21st century The little book for big strategy Strategic Studies Institute Retrieved from httpwwwStrategicStudiesInstitutearmymil Yousuf M (2016) The nature of strategic management Chapter I What is strategic management Academia httpswwwacademiaedu6349510THE_NATURE_OF_STRATEGIC_MANAGEMENT_I_WHAT_IS_STRATEGIC_MANAGEMENTZan L (1990) Looking for theories in strategy studies Scandinavian Journal of Management 6(2) 89-108 httpwwwsciencedirectcomsciencearticlepii095652219090018C Zhang X Majid S amp Foo S (2010) Environmental scanning An application of information literacy skills at the work place Journal of Information Science 36(6) 719-732 DOI1011771065551510385644 httpwwwquotelandcomauthorRobert-J-Mckain-Quotes6434httpspcscaliforniaincwordpresscomcategorygeneral-management-workshop httpwwwcivilserviceindiacomsubjectManagementnotesnature-and-scope-of-strategic-managementhtml
ReferenceAcur N amp Englyst L (2006) Assessment of strategy formulation How to ensure quality in process and outcome International Journal of Operations and Production Management 26(1) 69-91Barney J B (1086) Types of competition and the theory of strategy Toward an integrative framework Academy of Management Review 11(4) 791-800 Retrieved from httpamraomorgcontent114791short Berg T M W Heymanns S S Leone D Vergouw J A Hayden A P Verhagen amp H Vet (2013) Overview of data-synthesis in systematic reviews of studies on outcome prediction BMC Medical Research Methodologies BMC Series Retrieved from httpbmcmmedresmethodolbiomedcentralcomarticles1011861471-2288-13-42 Bohannon J (2009) The keen eyes of a gamer Science March 30 [Online] American Association for Advancement of Science (AAAS) Retrieved from httpsciencemagorg 10 April 2016Bordean O Borza A Rus C amp Mitra C (2010) An investigation on the strategy formulation process within the Roman companies Managerial Challenges of the Contemporary Society Proceedings 26-31BusinessDictionarycom httpwwwbusinessdictionarycomdefinition-organizational-leadershiphtmlChamberlain G P (2010) Understanding strategy Charleston NC Create SpaceCorreia Z amp Wilson T D (1997) Scanning the business environment for information A grounded theory approach Information Research 2(4) April Retrieved from httpwwwinformationrnetir2-4paper21html Costa J (1997) A study of strategic planning and environmental scanning in the multi-unit Portuguese hotel sector A Thesis Submitted in Fulfillment of the Requirements for the Award of PhD Degree May Department of Management studies University of Surrey UKgtDavid F R (2008) Concepts of strategic management (6th Edition) Upper Saddle River NJ Prince-HallDess G G (2006) Consensus on strategy formulation and organizational performance Competitors in a fragmented industry Strategic Management Journal November 8 DOI 101002smj4250080305Ellerby L (2009) Analysis plus synthesis Turning data into insights UX Matters April 27 Retrieved from httpwwwuxmatterscomauthorsarchives200703lindsay_ellerbyphp Freedman L (2013) Strategy Oxford UK Oxford University PressGrant R M (2001) The resource-based theory of competitive advantage Implications for strategy formulation California Management Review Spring 1991___________ (2010) Analyzing the industry environment In Mazzucato M (ed) Strategy for business A reader London SAGE PublicationsHashemi N F Masdeh M M Razeghi A amp Rahimian A (2012) Formulating and choosing strategies using SWOT analysis and QSPM matrix A case study of Hamadan Glass CompanyHarvard Business School Review (HBR) Blog Network httpblogshbrorg Hill C W Jones G R amp Schilling M A (2015) Strategic management theory (11th Edition) London UK Cengage LearningKeeley E T (n d) How to conduct a SWOT analysis [Online] Retrieved from httpoieekuedusitesoieekuedufilesfilesSWOT20Analysispdf 10 April 2016
bull Kvint V (2009) The global emerging market Strategic management and economics New York NY Routledge Publishing Li Y Guohu S amp Eppler M J (2008) Making strategy work A literature review on factors influencing strategy implementation ICA Working Papers 22008 Institute for Corporate Communication Lugano SwitzerlandMichael Porter (nd) BrainyQuotecom Retrieved April 7 2016 from BrainyQuotecom Web site httpwwwbrainyquotecomquotesquotesmmichaelpor378202html Mitchell R C (2009) Strategy formulation [Online] Retrieved from httpwwwsaylororgsitewp-contentuploads201304BUS300-23_Strategy-Formulationpdf 10 April 2016Mintzberg H amp Quinn J B (1996) The strategy process Concepts contexts cases Upper Saddle River NJ Prentice HallMintzberg H (1978) Patterns in strategy formation Management Science 24(9) 934-948Nabradi A (nd) Strategic management process strategy formulation [Online] Retrieved from httpwwwagrunizghrmultimediapdfstrategic_mgmt_2pdfParnell J A (2005) Strategic philosophy and management level Management Decision 3(2) 157-170 Retrieved from httpwwwemeraldinsightcom00251747htm Porter M E (1991) Towards a dynamic theory of strategy Strategic Management Journal 12(S2) 95-117 Winter DOI101002smj4250121008 Porter M E (2010) What is strategy In Mazzucato M (ed) Strategy for business A reader London SAGE PublicationsRyan R (2013) Cochrane consumers and communication review group Data synthesis and analysis Cochrane Consumers and Communication Review Group June Retrieved from httpccorgcochraneorg Scouller J (2011) Three levels of leadership How to develop your leadership presence knowhow and skills Cirencester UK Management Books 2000Theocharopoulos M (2012) Strategy formulation using SWOT Retrieved from httpwwwslidesharenetmanostheocharopoulosstrategy-formulation-using-swot-15650383Ulwick A W (1999) Business strategy formulation Theory process and the intellectual revolution London UK Quorum BooksVasile T amp Iancu A (2009) A model of the strategic management processVatchkova E (2012) Contents historical development of strategy Strategic management Retrieved from httpwwwiucedueugroupmba_learning2012STRATMANEV-L1-introductionpdfWilliam E Rothschild W E (nd) httpwwwazquotescompicture-quotes Yarger H R (2006) Strategic theory for the 21st century The little book for big strategy Strategic Studies Institute Retrieved from httpwwwStrategicStudiesInstitutearmymil Yousuf M (2016) The nature of strategic management Chapter I What is strategic management Academia httpswwwacademiaedu6349510THE_NATURE_OF_STRATEGIC_MANAGEMENT_I_WHAT_IS_STRATEGIC_MANAGEMENTZan L (1990) Looking for theories in strategy studies Scandinavian Journal of Management 6(2) 89-108 httpwwwsciencedirectcomsciencearticlepii095652219090018C Zhang X Majid S amp Foo S (2010) Environmental scanning An application of information literacy skills at the work place Journal of Information Science 36(6) 719-732 DOI1011771065551510385644 httpwwwquotelandcomauthorRobert-J-Mckain-Quotes6434httpspcscaliforniaincwordpresscomcategorygeneral-management-workshop httpwwwcivilserviceindiacomsubjectManagementnotesnature-and-scope-of-strategic-managementhtml
bull Kvint V (2009) The global emerging market Strategic management and economics New York NY Routledge Publishing Li Y Guohu S amp Eppler M J (2008) Making strategy work A literature review on factors influencing strategy implementation ICA Working Papers 22008 Institute for Corporate Communication Lugano SwitzerlandMichael Porter (nd) BrainyQuotecom Retrieved April 7 2016 from BrainyQuotecom Web site httpwwwbrainyquotecomquotesquotesmmichaelpor378202html Mitchell R C (2009) Strategy formulation [Online] Retrieved from httpwwwsaylororgsitewp-contentuploads201304BUS300-23_Strategy-Formulationpdf 10 April 2016Mintzberg H amp Quinn J B (1996) The strategy process Concepts contexts cases Upper Saddle River NJ Prentice HallMintzberg H (1978) Patterns in strategy formation Management Science 24(9) 934-948Nabradi A (nd) Strategic management process strategy formulation [Online] Retrieved from httpwwwagrunizghrmultimediapdfstrategic_mgmt_2pdfParnell J A (2005) Strategic philosophy and management level Management Decision 3(2) 157-170 Retrieved from httpwwwemeraldinsightcom00251747htm Porter M E (1991) Towards a dynamic theory of strategy Strategic Management Journal 12(S2) 95-117 Winter DOI101002smj4250121008 Porter M E (2010) What is strategy In Mazzucato M (ed) Strategy for business A reader London SAGE PublicationsRyan R (2013) Cochrane consumers and communication review group Data synthesis and analysis Cochrane Consumers and Communication Review Group June Retrieved from httpccorgcochraneorg Scouller J (2011) Three levels of leadership How to develop your leadership presence knowhow and skills Cirencester UK Management Books 2000Theocharopoulos M (2012) Strategy formulation using SWOT Retrieved from httpwwwslidesharenetmanostheocharopoulosstrategy-formulation-using-swot-15650383Ulwick A W (1999) Business strategy formulation Theory process and the intellectual revolution London UK Quorum BooksVasile T amp Iancu A (2009) A model of the strategic management processVatchkova E (2012) Contents historical development of strategy Strategic management Retrieved from httpwwwiucedueugroupmba_learning2012STRATMANEV-L1-introductionpdfWilliam E Rothschild W E (nd) httpwwwazquotescompicture-quotes Yarger H R (2006) Strategic theory for the 21st century The little book for big strategy Strategic Studies Institute Retrieved from httpwwwStrategicStudiesInstitutearmymil Yousuf M (2016) The nature of strategic management Chapter I What is strategic management Academia httpswwwacademiaedu6349510THE_NATURE_OF_STRATEGIC_MANAGEMENT_I_WHAT_IS_STRATEGIC_MANAGEMENTZan L (1990) Looking for theories in strategy studies Scandinavian Journal of Management 6(2) 89-108 httpwwwsciencedirectcomsciencearticlepii095652219090018C Zhang X Majid S amp Foo S (2010) Environmental scanning An application of information literacy skills at the work place Journal of Information Science 36(6) 719-732 DOI1011771065551510385644 httpwwwquotelandcomauthorRobert-J-Mckain-Quotes6434httpspcscaliforniaincwordpresscomcategorygeneral-management-workshop httpwwwcivilserviceindiacomsubjectManagementnotesnature-and-scope-of-strategic-managementhtml
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