What is the first step of strategy formulation?

A) creating a marketing mix
B) targeting specific customers
C) segmenting a particular market
D) identifying competitive advantages

The first step of strategy formulation is identifying competitive advantages. Before a company can create a marketing mix, target specific customers, or segment a particular market, they must first understand what sets them apart from their competitors. This involves analyzing the company's strengths and weaknesses, as well as opportunities and threats in the overall market. Once a company has a clear understanding of their competitive advantages, they can use this information to guide the rest of their strategic decision-making processes.