Strategy Formulation: Definition, Model & Process


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What are the two steps in the strategy formulation process that you must always be taking at every stage of the process?

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1. What's the best explanation of the difference between a goal and an objective?

2. Which one of the following is not one of the four elements of strategy design?

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About This Quiz & Worksheet

This worksheet and quiz can help you gauge your knowledge of business strategies and ways they are formulated. You will be quizzed on strategy designs and goals.

Quiz & Worksheet Goals

This quiz/worksheet combo will test you on your knowledge of:

  • Four elements of strategy design
  • Strategy formulation
  • SWOT
  • Setting goals and objectives

Skills Practiced

  • Information recall - access the knowledge you have gained regarding what SWOT stands for
  • Reading comprehension - ensure that you draw the most important information from the related business lesson
  • Knowledge application - use your knowledge to answer questions about the elements of strategy design

Additional Learning

To learn more about strategy design, review the accompanying lesson called Strategy Formulation: Definition, Model & Process. This lesson covers the following objectives:

  • Define strategy
  • Identify the four elements in strategy design
  • Determine how to use SWOT
  • Explain the purposes of a contingency plan