Corporate Strategy Formulation and Implementation Corporate strategy concerns overall decisions about the scope and direction of an organization. It is defined as "the pattern of decisions in an enterprise that determines and reveals its objectives, goals, or objectives, produces major policies and plans to achieve those objectives, and defines the range of activities to be pursued by the enterprise, the type of economic and human organization activity that it is or intends to be, and the nature of the economic and non-economic contribution it intends to make to its shareholders, employees, customers and communities" (Ghoshal, Lampel, Mintzberg, & Quinn, 2004, pp 72). This article will discuss strategy formulation. It will also discuss implementation and its importance. Formulation Business strategy has two components; formulation and implementation. The wording produces a clear set of recommendations that help review an organization's mission and goals and provides strategies for achieving them (Mitchell, accessed January 18, 2005). It helps develop a company's goals and defines a specific strategic plan. In The Strategy Process, the author argues that when a company formulates a strategy it should determine its strengths, weaknesses, opportunities and threats. This can be done by performing a SWOT analysis. A SWOT analysis is a simple framework for generating strategic alternatives from a situational analysis. It can act as an interpretive filter to reduce information to a manageable amount of key issues. By understanding the four aspects of a SWOT analysis, a company can better leverage its strengths, correct its weaknesses, exploit opportunities, and deter possible threats (SWOT analysis, retrieved...... middle of paper. ....r objectives and direction. However, if the established strategy is not implemented effectively, the entire process fails. REFERENCES Author Unknown (nd). com/business Strategyimplementation.htm.Author Unknown (n.d.). SWOT Analysis Retrieved January 26, 2006, from http://netmba.com/strategy/swot.htm.Birnbaum, B. (n.d.). January 20, 2006 from http://birnbaumassociates.com/strategy-implementation.htm.Ghoshal, S., Lampel, J., Mintzberg, H., & Quinn, J.B., (2003). (4th ed.). Upper Saddle River, NJ: Pearson Education, Inc. Mitchell, R. (n.d.) Retrieved January 18, 2006, from http://www.csun .edu/hfmg001/formulation.doc..