Formulating strategies involves determining appropriate courses of action for achieving objectives. This part deals primarily with the strategy formulation process. The process of strategy formulation begins with analysis with the principal factors in a firm's internal and external environment and ends with functional strategies designed. It also includes such activities as analysis, planning and selecting mission, objectives, and corporate and business strategies. As discussed in the following six chapters, strategy formulation combines a future-oriented perspective with concern for a firm's internal and external environment indeveloping its competitive plan of action.