Abstract—This article reviews some strategy formulation methodologies developed to achieve organizational goals and objectives. Keywords: Strategy, Strategy formulation, Top-down methodology, Bottom-up methodology, Porter Five Strength.I. INTRODUCTION TO STRATEGY AND STRATEGIC PLANNING A 2007 survey of European and American companies found that more than ninety-five percent of companies have adopted a strategic planning process. According to this survey, strategic planning is a very important approach designed to create an efficient and timely framework. This framework aims to guide and control the enterprise's actions with respect to all internal and external constraints. (Lane et al, 2007) Barta et al, (2010) believes that the success of strategic planning is linked to the strategic management of the company. There are two typical aspects of strategic management; the first is strategy formulation which is responsible for forming a suitable strategy for certain circumstances, and the second is strategy content which is the focus of decisions. To date, research has mainly focused on strategy formulation or alternative strategy content options. However, the traditional distinction between strategic process and strategic content has perhaps limited the ability of strategic management research to explain the determinants of organizational performance (Lane et al, 2007). Therefore, in this study we will examine multiple wording and content approaches and also analyze their impact on organizational performance. To survive and compete in today's business environment, organizations should update their processes, procedures and strategic management. (Barta et al, 2010)II. STRATEGIC MANAGEMENTAs mentioned before,......half of the document......Learning Technology. Association for Learning Technology, Vol. 12 (2)[11] Loch, C. and Sting, F., 2009. How top-down and bottom-up strategic processes are combined in manufacturing organizations.[12] Lane, R. and Lillis, B., 2007. Testing the strategic role of operations. International Journal of Management Reviews. Blackwell Publishing Ltd. Vol.9 (3), pp. 191–210.[13] Porter, M., 2008. The five competitive forces that shape strategy. Harvard Business Review, UK.[14] Pun, K. and White, A., 2005. A performance measurement paradigm for integrating strategy formulation: a review of systems and structures. International Journal of Management Reviews. Blackwell Publishing Ltd vol. 7(1), pp. 49–71[15] Rai, A. and Ravichandran, T., 2000. Quality management in system development: an organizational system perspective. Quarterly MIS. vol. 24(3), p. 381-415