Strategy Formulation is an Entrepreneurial Activity based on strategic decisionmaking. Strategic Implementation is mainly an Administrative Task based on strategic and operational decisions. Strategy Formulation emphasizes on effectiveness. Strategy Implementation emphasizes on efficiency. Strategy Formulation is a rational process.
It involves evaluation of the alternatives and selection of the best strategy amongst them to be the strategy of the organization. Strategy formulation process is an integral part of strategic management, as it helps in framing effective strategies for the organization, to survive and grow in the dynamic business environment.
Strategy Implementation involves all those means related to executing the strategic plans. In short, Strategy Formulation is placing the Forces before the action . In short, Strategy Implementation is managing forces during the action. Strategy Formulation is an Entrepreneurial Activity based on strategic decisionmaking.