With the increasing level of competition in many competitive environments, a body of research regards the ability to formulate and implement a formulated strategy as an equally important source of competitive advantage. The rate of change in both internal and external environments of manufacturing firms is increasing, which necessitates that increased attention be paid to strategic planning and strategy formulation. This paper reviews the concepts of strategy, strategic planning and strategy formulation. It then discusses the common strategy determinants and describes the characteristics of several planning frameworks and methodologies. A conceptual synergy model for strategy formulation is proposed, and its features and characteristics are presented along with a discussion of its applicability in manufacturing enterprises.
Fai Pun, K. (2004), "A conceptual synergy model of strategy formulation for manufacturing", International Journal of Operations & Production Management, Vol. 24 No. 9, pp. 903-928. https://doi.org/10.1108/01443570410552117
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