Which of the following is not a step in strategy formulation?

Solution (By Examveda Team)

Strategy formulation is the process of creating a plan to achieve your organization's goals. It involves several key steps. Let’s analyze the options:

Option A: Establishing organisational objectives: This is a crucial first step. Before you can create a strategy, you need to know what you want to achieve. This is definitely a part of strategy formulation.

Option B: Evaluating organisational environment: Understanding your surroundings – your competitors, customers, and the wider market – is vital for creating a successful strategy. This is also a necessary step in strategy formulation.

Option C: Setting quantitative targets: While targets are important for measuring progress, they are a result of the strategy formulation process, not a step in the process itself. You formulate the strategy then set targets to measure your success.

Option D: Environmental scanning: This involves actively looking for information about your external environment. It’s a key part of understanding the environment (Option B) and is therefore a step in strategy formulation.

Conclusion: The option that is not a step in strategy formulation is Option C: Setting quantitative targets, as these are set after the strategy is formulated.