Formulation involves analyzing the environment or situation, making a diagnosis, and developing guiding policies. It includes such activities as strategic planning and strategic thinking. Implementation refers to the action plans taken to achieve the goals established by the guiding policy.
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Strategic planning Wikipedia.
Whilst the planning process produces outputs, as described above, strategy implementation or execution of the strategic plan produces Outcomes. These outcomes will invariably differ from the strategic goals. How close they are to the strategic goals and vision will determine the success or failure of the strategic plan.
Strategic management Wikipedia.
47 Core competency is part of a branch of strategy called the resource-based view of the firm, which postulates that if activities are strategic as indicated by the value chain, then the organization's' capabilities and ability to learn or adapt are also strategic.