Question

Any strategic choice made by leaders needs to be consistent with other components of the strategic management process. What factors need to be linked when formulating strategy?

Answer 1

Leaders need to link various factors to ensure consistency with other components of the strategic management process when formulating strategy.

Step-by-step explanation:

When formulating strategy, leaders need to link various factors to ensure consistency with other components of the strategic management process. These factors include:

1. Goals and Objectives: The strategic choices should align with the overall goals and objectives of the organization.
2. Internal Analysis: Leaders should consider the internal strengths and weaknesses of the organization, such as its resources, capabilities, and competitive advantage.
3. External Analysis: Leaders should analyze the external environment, including market trends, competition, and regulatory factors, to identify opportunities and threats.
4. SWOT Analysis: The strategic choices should take into account the organization's strengths, weaknesses, opportunities, and threats.
5. Resource Allocation: Leaders need to consider the allocation of resources, such as finances, human capital, and technology, to support the chosen strategy.

By linking these factors, leaders can ensure that their strategic choices are coherent and aligned with the overall strategic management process.