Strategy formulation

Strategy formulation

Strategic formulation is a combination of three main processes which are as follows:

Performing a situation analysis, self-evaluation and competitor analysis: both internal and external; both micro-environmental and macro-environmental.
Concurrent with this assessment, objectives are set. These objectives should be parallel to a time-line; some are in the short-term and others on the long-term. This involves crafting vision statements (long term view of a possible future), mission statements (the role that the organization gives itself in society), overall corporate objectives (both financial and strategic), strategic business unit objectives (both financial and strategic), and tactical objectives.
These objectives should, in the light of the situation analysis, suggest a strategic plan. The plan provides the details of how to achieve these objectives.
Marketing action plan

Placement and execution of required resources are financial, manpower, operational support, time, technology support
Operating with a change in methods or with alteration in structure
Distributing the specific tasks with responsibility or moulding specific jobs to individuals or teams.
The process should be managed by a responsible team. This is to keep direct watch on result,comparison for betterment and best practices, cultivating the effectiveness of processes, calibrating and reducing the variations and setting the process as required.
Introducing certain programs involves acquiring the requisition of resources: a necessity for developing the process, training documentation,process testing, and imalgation with (and/or conversion from) difficult processes.
As and when the strategy implementation processes, there have been so many problems arising such as human relations, the employee-communication. Such a time , marketing strategy is the biggest implementation problem usually involves , with emphasis on the appropriate timing of new products. An organization, with an effective management, should try to implement its plans without signaling this fact to its competitors.[3]

In order for a policy to work, there must be a level of consistency from every person in an organization, specially management. This is what needs to occur on both the tactical and strategic levels of management.

(http://en.wikipedia.org/wiki/Strategic_management)