What do you understand by the terms strategy formation and strategy implementation in corporate?

Neither strategy formulation, nor strategy implementation can succeed without the other. The Strategic Management Process is basically a combination of three important phases, namely: Strategy Analysis, Strategy Formulation, and Strategy Implementation. However, among the three phases, Strategy Formulation and Strategy Implementation are the two most critical phases that you need to make your strategic management process work.

They are both linked with one another, in the sense that without implementation, the formulated strategy will become useless and without formulating a strategy, there will be nothing to implement. So in a simpler terms, you need to formulate a strategy in order for you to implement it, and you need a formulated strategy in order to implement something. One simply cannot exist without the other.