The strategic framework shown in Figure 7.1 should put the whole strategic process clearly in view and help you to formulate a clear course of action.
FIGURE 7.1 Elements of a business strategy
The foundation of this process is a clear statement of the mission of your venture, your objectives and the geographic limits you have set yourself, at least for the time being. These issues were addressed in the first assignment and until they are satisfactorily resolved, no meaningful strategy can be evolved.
Market research data are then gathered on customers, competitors and the business environment, for example, ...