Main Factors of Strategy Formulation



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Strategy > Best Practices > Main Factors of Strategy Formulation

Main Factors of Strategy Formulation
Khadija Kalangu

Question. What are the main factors that needed to be considered during the formulation of strategy? (...) Read more? Sign up for free

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The Main Factors of Strategy
Claude Balleux, Strategy Consultant, Canada, Member

Strategy is to reach your goals. So, the main factors are the goals that you want to reach.

Main Factors of Strategy: Goals + SWOT
Julius Nyangaga, Consultant, Kenya, Member

1. Your goal(s). In light of developments in factors 2 to 5 below, be ready to review but keep an eye on a major driving vision.
2. Strengths: internal features that provide you the greatest advantage to achieve your goals: age, education, experience, technology, capital, intelligence. Build on them; use them to their greatest possible degree.
3. Weaknesses: internal features that threaten achieving those goals. The list is the same as above but consider which are or likely to become stumbling blocks. Plan to reduce their effects.
4. Opportunities: external situations and developments that can be exploited to achieve your goals. Use PEST analysis plus industrial (and competitive) analysis. Reach out and take advantage.
5. Threats: external situations and developments that are likely to affect your goals. Again use PEST analysis and especially consider competitor developments. Plan to overcome their negative effects.




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