What is the last step in the strategy-making process?

The last step in the strategy-making process involves evaluating strategic alternatives. This step is critical because it allows organizations to assess the viability and potential impact of the chosen strategies before implementation. By evaluating strategic alternatives, firms can consider various factors such as costs, benefits, risks, and alignment with overall objectives and capabilities. This thorough evaluation ensures that the selected strategy is not only feasible but also advantageous in addressing the organization’s goals and responding to market demands.

Conducting situational analysis, assessing the need for strategic change, and choosing strategic alternatives are all important steps that precede this final evaluation. They help in gathering data, identifying necessary adjustments, and selecting the most promising strategies. However, without the final step of evaluation, organizations risk moving forward with strategies that may not be the best fit, leading to unforeseen challenges and ineffective resource allocation.