2) Discuss the ways in which managers arrive at new strategic directions-formal and informal. Which is the best? <Tab/>The first phase of a strategic formulation process is the planning phase. A statement of missions and objectives is developed which charts the direction of the company and provides the groundwork for subsequent strategic processes. The objectives of a company evolve from the stated mission. After the mission and objectives are completed, a …showed first 75 words of 1461 total…

…showed last 75 words of 1461 total…as the firm's strategy, goals, and motivation. b) Industry factors- such factors includes industry growth rate, technology, and the extent of globalization in the industry. c) Location factors- these take into accounts the country's risk factors, cultural distance, potential and competition of the local market. d) Venture-specific factors- tacit knowledge of the venture, the extent to which it will be researched and developed with partners, and consideration of cost and size of venture affect choices.