Question

In which phase of strategic management are long-term objectives especially important?

A) Formulation
B) Control
C) Evaluation
D) Implementation
E) Management

Answer 1

Long-term objectives are especially critical in the Formulation phase of strategic management, as they establish the foundation for subsequent strategies and resource allocation.

Step-by-step explanation:

In the strategic management process, long-term objectives are especially important during the Formulation phase. This phase involves setting long-term goals that help in directing the organization toward its envisioned future.

These objectives provide a foundation for designing strategies and guide the deployment of resources during the subsequent Implementation phase.

When considering the phases of strategic management, the Control and Evaluation stages focus more on monitoring performance and comparing outcomes with objectives to make necessary adjustments.

However, it is during the Formulation phase where the groundwork for these long-term targets is established, which is why this phase is critical for defining overarching goals and aspirations.