“…For many years, strategy formulation has been widely regarded as the most important component of the strategic management process more important than strategy implementation or strategic control. However, recent research indicates that strategy implementation, rather than strategy formulation alone, is a key requirement for superior business performance (Zaribaf & Bayrami, 2010;Pearce & Robinson, 2013;Ritson, 2013;Schaap 2012;Flood, Dromgoole, Carroll & Gordon 2000;Kaplan & Norton, 2001). In addition, there is growing recognition that the most important problems in the field of strategic management are not related to strategy formulation, but rather to strategy implementation, and that the high failure rate of organizational initiatives in a dynamic business environment is primarily due to poor execution of policies in strategy implementation process (Cole, 2013;Chi-Hung & Pai, 2012).…”