The four substeps of strategy formation in the order that they should occur are identifying competitive advantages,segmenting the market,positioning the product,and targeting the customers.

Strategy Formation

Strategy formation is the process of developing the routes and methodologies an organization intends to use to achieve its long-term goals.

Competitive Advantages

Factors that enable a company to perform better than its rivals in the market, such as superior quality, low cost of production, or exclusive access to resources.