Policy formulation refers to the designing of policies. The formulation of policies is generally a function of all managers. However, the higher a manager is in the organisation the more important is his role in policy-making. However, policies can be effective only when they are acceptable to those who are to use them. Therefore, the various functional and departmental executives should be actively involved in the formulation of policies.
The process of strategic management requires that strategists lay down the objectives of the organisation and then formulate strategies to achieve them. The process of implementation of strategy starts with the identification of key managerial tasks, which form the basis for the creation of organisation structure and design of system.
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