Process of strategy formulation starts with

Q21) Process of strategy formulation starts with:

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Solution:
(a) Appraisal of external and internal environment of the organization is the first step in the process of strategy formulation.

This step involves analyzing the external factors that affect the organization, such as industry trends, competition, and market conditions, as well as the internal factors, such as the organization's strengths, weaknesses, resources, and capabilities.
By conducting a thorough appraisal of the external and internal environment, an organization can identify strategic opportunities and challenges and develop a strategic plan that aligns with its goals and objectives.
Therefore, option (a) is the correct answer.
Correct option is (a)