The purpose of strategic planning is to find ways in which an organization can best use its strengths to take advantage of opportunities within the environment.

In the past, Wal-Mart mission statement was, "We deliver low prices, every day."Currently, Wal-Mart's corporate mission is "to save people money so they can live better."

• Define strategic formulation for marketing
• Using the knowledge from strategic formulation , provide a possible reason for review of Wal-Mart's mission statement.