Final answer:
Annual objectives are important in strategy formulation and implementation. They provide a roadmap for organizations to guide their strategic decision-making and ensure desired outcomes are achieved.
Step-by-step explanation:
Annual objectives are especially important in strategy formulation and implementation. In the policy process, formulation refers to the process of developing a plan or strategy, while implementation involves putting that plan into action. Annual objectives provide a roadmap for organizations to guide their strategic decision-making and ensure that the desired outcomes are achieved.
Example:
Let's say a company wants to increase its market share. The annual objective could be to launch a new product in a specific market segment, increase advertising efforts, and improve customer service to attract more customers. This objective would then be incorporated into the company's overall strategy and implemented through various activities and initiatives throughout the year.