During what stage of strategic management are a firm's specific internal strengths and weaknesses determined?

The formulation stage of strategic management involves analyzing the firm's current position, including its internal strengths and weaknesses, as well as external opportunities and threats. This analysis is typically conducted through tools such as SWOT analysis (Strengths, Weaknesses, Opportunities, Threats).

During this stage, organizations assess their resources, capabilities, and competencies to identify what they do well (strengths) and where they may be lacking (weaknesses). Understanding these internal factors is crucial as it enables the organization to build strategies that leverage its strengths while addressing its weaknesses. This foundational step is essential for developing effective and realistic strategic plans that align with the firm's overall objectives.

Other stages like implementation involve executing the strategy, while evaluation focuses on assessing the strategy's effectiveness in achieving desired outcomes, and feedback relates to gathering information for future adjustments. None of these stages primarily focus on identifying internal strengths and weaknesses, which is why formulation is the key stage for this analysis.