Terminal Inc. is a retail firm specializing in menswear. It plans to overtake its closest competitor within two years. It has decided to set up a store in Manhattan where it had no presence earlier. But, it realizes that NewBliss Inc. can give it a very good competition in the formal attire group for males between the ages of 25-35. Terminal Inc. is at the _____ phase.

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During strategy formulation the strategic planning groups decide on a strategic direction by defining the company's mission and goals, its external opportunities and threats, and its internal strengths and weaknesses. They then generate various strategic alternatives and compare those alternatives' ability to achieve the company's mission and goals.