BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -Effective strategy formulation can usually guarantee successful strategy implementation. Strategy formulation is the managing of forces during the action, whereas strategy implementation is the positioning of forces before the action.

Detailed explanation-2: -Successful strategy formulation does not guarantee successful strategy implementation. It is always more difficult to do something (strategy implementation) than to say you are going to do it (strategy formulation)!

Detailed explanation-3: -Strategy formulation is the process of using available knowledge to document the intended direction of a business and the actionable steps to reach its goals. This process is used for resource allocation, prioritization, organization-wide alignment, and validation of business goals.

Detailed explanation-4: -Strategy implementation is the process of turning plans into action to reach a desired outcome. Essentially, it’s the art of getting stuff done. The success of every organization rests on its capacity to implement decisions and execute key processes efficiently, effectively, and consistently.

Detailed explanation-5: -Strategy Formulation includes planning and decision-making involved in developing organization’s strategic goals and plans. Strategy Implementation involves all those means related to executing the strategic plans. In short, Strategy Formulation is placing the Forces before the action.