1)Why are long term objectives important in strategy formulation? 2) Why are annual objectives not in strategy formulation since it is the basis for allocating resources?
It is an odd question to me.
Strategy is based on long term objectives and long term challenges. Annual objectives are rather short term, and are influenced but current challenges.
I am reminded of the old adage when in the swamp being attacked by alligators, don't forget you are there to drain the swamp.
Annual objectives often are focused on surviving the alligators.