MNG3701 EXAM PACK 2022 Rated A+

1.Strategy Planning/Formulation-The planning and thinking phase, where topmanagement:Decides on the organisation's strategic direction and its long-term objectives (usuallyfound in the vision and mission statement)Analyses the organisation's external (to identify opportunities and threats )andinternal environments(to identify best resources and capabilities and theorganisation's strength and weaknesses)Selects appropriate competitive strategies strategic choice such as focus,differentiation or best cost2.Strategy Implementation/Execution- it's the doing part where both human and non-human factors in the organisation are applied to ensure that the strategy is executedin line with the devised plans. These are the key elements to be considered