Assessment of strategy formulation: how to ensure quality in process and outcome

Purpose – Today, industrial firms need to cope with competitive challenges related to innovation, dynamic responses, knowledge sharing, etc. by means of effective and dynamic strategy formulation. In light of these challenges, the purpose of the paper is to present and evaluate an assessment tool for strategy formulation processes that ensures high quality in process and outcome.Design/methodology/approach – A literature review was conducted to identify success criteria for strategy formulation processes. Then, a simple questionnaire and assessment tool was developed and used to test the validity of the success criteria through face‐to‐face interviews with 46 managers, workshops involving 40 managers, and two in‐depth case studies. The success criteria have been slightly modified due to the empirical results, to yield the assessment tool.Findings – The resulting assessment tool integrates three generic approaches to strategy assessment, namely the goal‐centred, comparative and improvement approaches, as f...

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