Differentiate between Strategy Formulation and Strategy Implementation.

Although inextricably linked, strategy implementation is fundamentally different from strategy formulation. Summarized are the key distinctions between strategy formulation and strategy implementation: Strategy Formulation Vs. Strategy Implementation Strategy Formulation Strategy Implementation 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 strategic plans. In short, Strategy Formulation is placing the forces before the action. In short, Strategy Implementation is managing forces during the action. An entrepreneurial activity based on strategic decision-making. An administrative task based on strategic and operational decisions. Emphasizes on effectiveness. Emphasizes on efficiency. Primarily an intellectual and rational process. Primarily an operational process. Requires co-ordination among few individuals at the top level. Requires co-ordination among many individuals at the middle and lower levels. Requires a great deal of initiative, logical skills, conceptual intuitive and analytical skills. Requires specific motivational and leadership traits. Strategic Formulation precedes Strategy Implementation. Strategy Implementation follows Strategy Formulation.