Strategy formulation is like planning the best way to win a game before you even start playing.
Imagine you and your friend are about to play a race to see who can get from one end of the playground to the other first. Before you run, you look around and think: Should I take the shortcut through the swings? Should I wait for the slide to be free? That thinking is strategy formulation, it's when you figure out the best plan to reach your goal.
Like Choosing Your Path
Think of a playground as a big map. Strategy formulation is like picking the fastest path from one side to the other, just like choosing which road to take on your bike ride to school. You might pick the road with fewer stop signs or the one that goes straight instead of winding through traffic.
It’s Not Just for Big People
Even kids do strategy formulation every day! When you decide to save up your allowance to buy a toy, that’s strategy too, you’re planning how to get what you want. So next time you're choosing between two paths or thinking about how to win a game, remember: you're doing strategy formulation like a pro!
Examples
- A company decides to launch a new product instead of improving an old one.
- A chef plans out the menu for the week before the busy holiday season.
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See also
- What is strategic?
- Strategy vs Tactics - What Is The Difference Between The Two?
- How Does The Difference Between Strategic Planning and Strategic Thinking Work?
- How Does A Plan Is Not a Strategy Work?
- What is plan?