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 dynamicbusiness environment.

The Strategy Formulation Case should focus on the below:

1. Establishing Organizational Objectives: This involves establishing long-term goals of an organization.
2. Analysis of Organizational Environment: This involves SWOT analysis, meaning identifying the company's strengths and weaknesses and keeping vigilance over competitors' actions to understand opportunities and threats.
3. Forming quantitative goals: Defining targets so as to meet the company's short-term and long-term objectives. Example, 30% increase in revenue this year of a company. It is important to show how the percentage has been derived.
4. Objectives in context with divisional plans: This involves setting up targets for every department so that they work in coherence with the organization.
5. Performance Analysis: This is done to estimate the degree of variation between the actual and the standard performance of an organization.
6. Selection of Strategy: This is the final step of strategy formulation. It involves evaluation of the alternatives and selection of the beststrategy amongst them to be the strategy of the organization.