Mohsen alvandi - Assistant Professor, Department of Industrial Management, Imam Khomeini International University (IKIU), Qazvin, Iran
Hesam-eddin Najafi rad - PhD student of industrial management, Science and Research Branch, Islamic Azad University, Tabriz, Iran
Mahdieh sadeghi - M.A in Industrial Management, Department of Management and Accounting, Islamic Azad University,Qazvin, Iran

Strategy formulation is the process for chooses the most appropriate action to achieve the defined goals, indeed this process is strategy development. It is essential for an organization’s success, because it provides a framework for the actions that will lead to the anticipated results. In present study, modern tools of strategy formulation are used that determine current condition and growth potential of the Golrang Industrial Group. Firstly the mission and vision were investigated and by the analysis of internal and external environment of the organization, the strengths, weaknesses, opportunities and threats of the company were evaluated by internal factor evaluation and external factor evaluation matrix. Using SWOT matrix, the suitable strategies were formulated for the company. Then, the competitive position of the organization was found via competition evaluation matrix. Later, according to SWOT matrix and competition evaluation matrix, company strategies were prioritized by QSPM method

strategy formulation, SWOT framework, Golrang Industrial Group