Question

According to AFI strategy framework, in which of the following tasks of strategic management is a firm's vision, mission, and values identified?

a) Strategy implementation
b) Strategy formulation
c) Strategy evaluation
d) Strategy execution

Answer 1

A firm's vision, mission, and values are identified in the strategy formulation stage of strategic management, not in the strategy execution stage.

Step-by-step explanation:

In the AFI strategy framework, a firm's vision, mission, and values are identified in the strategy formulation stage of strategic management, not in the strategy execution stage.

Strategy formulation involves the development of a clear and inspiring vision for the organization, which is the long-term direction and purpose of the firm. The mission statement outlines the specific activities the firm will undertake to achieve its vision, and the values represent the guiding principles and beliefs that shape the firm's culture and behavior.

During strategy execution, the focus is on implementing the chosen strategy effectively by aligning resources, setting objectives, and managing performance. It is in this stage that the firm puts its strategies into action to achieve its vision, mission, and values.