”Strategic management is often described as involving two major processes: formulation and implementation of strategy, in practice the two processes are iterative and each provides input for the other.”

“The direction of strategic research also paralleled a major paradigm shift in how companies competed, specifically a shift from the production focus to market focus.”

“Formulation of strategy involves analyzing the environment in which the organization operates, then making a series of strategic decisions about how the organization will compete. Formulation ends with a series of goals or objectives and measures for the organization to pursue”