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If one reads the standard business policy literature, what does one find out about the formulation process needed to produce business strategy? Practically nothing! The literature is replete with discussions of the definition of strategy, the components of strategy, the necessity of having strategy, and the methods used to evaluate strategy, etc. Most business policy authors accept the product, the corporate strategy, without regard for the process of strategy formulation. Should this be the case? I think not, and the balance of this paper will be devoted to showing why process cannot for all purposes be totally divorced from product, and summarizing a literature that seems to hold promise in explaining the formulation process. [ABSTRACT FROM AUTHOR]