1. What part does external environmental analysis play in the development of value-adding support strategies? What part does strategy formulation play?
Strategy formulation involves creating plans for reaching specific objectives set forth by top management or senior leadership within an organization. It requires decision makers to consider various factors such as competitive advantages, industry trends, resources available to them, technological advances etc., all while accounting for any potential pitfalls identified through external environmental analysis discussed earlier (Encyclopedia Britannica). A well thought out plan should clearly communicate what direction an organization wishes to go strategically so that employees understand their roles within this plan going forward; this may also involve changing processes or policies if need be in order for new strategies put into place become successful over time (Encyclopedia Britannica). Ultimately this step helps create ownership amongst different teams working together towards achieving common goals which ultimately help drive value back up through bottom line profits&profits growth over time!
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