An Investigation On The Strategy Formulation Process Within The Romanian Companies

Strategic management is about managing the future, and effective strategy formulation is crucial, as it directs the attention and actions of an organization, even if in some cases actual implemented strategy can be very different from what was initially intended, planned or thought. The assessment of strategy formulation processes becomes crucial for practitioners and researchers alike in order to conduct and evaluate different formulation processes. Today, firms need to cope with competitive challenges related to innovation, dynamic responses, knowledge sharing, etc. by means of effective and dynamic strategy formulation. The purpose of this paper is to investigate the strategy formulation process for a sample of firms that are doing business in Cluj-Napoca. In order to evaluate the degree of importance that each firm places on the strategy formulation process a questionnaire was developed and used to test the research hypothesis. The findings of the study offer multi-perspective reflection on strategy formulation. Such reflection is assumed to enable managers to proactively evaluate the potential outcome of their chosen strategy.