Abstract
Strategy analysis and choice seek to determine alternative courses of action that could best enable the firm to achieve its mission and objectives. They involve subjective decisions making based on the objective information. This article focuses on generating and evaluating alternative strategies, as well as selecting strategies to pursue. It introduces concepts that can help strategists generate feasible alternatives, evaluate those alternatives, and choose a specific course of action. Behavioral aspects of strategy formulation are described, including politics, culture, ethics, and social responsibility considerations. Modern tools for formulating strategies are described, and appropriate role of a board of directors is discussed. Special attention is paid to the process of generating and selecting strategies including a comprehensive strategy-formulation framework, as well as the cultural aspect and the politics of strategy choice.
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