The COVID-19 crisis has forced companies to alter their methods and find new ways to reach out to their customers. Considering these challenging times, corporate leaders have found themselves in a perplexing situation as they try to recalibrate their companies according to the ‘new normal’. The success of these companies strictly hinges on their ability to formulate clear-cut, precise strategies. Strategy is an integrated set of choices that positions a firm to successfully compete in an industry and generate superior financial returns over the long run. The essence of strategy is to outperform your rivals by opting for a distinct approach. Consequently, Strategy Formulation is the part of the strategy process that involves continually gathering insights about the industry and the market, weighing alternatives, and developing imperatives