Resumen
Understand how the strategist formulates the organizational strategy is a key part to better understand how organizations achieve and maintain their competitive advantage. The aim of this study is to identify how the process of formulating the strategy from the individual's perspective is on a pharmaceutical industry franchises. Therefore, was considered the three dimensions of the strategy formulation process of De Witt and Meyer. The results confirm the existence of paradoxes in the strategic process, and suggest, for this sample, that executives formulate predominantly creative strategies, emerging and that there is a balance between evolutionary and revolutionary changes strategies. This article may, by identifying how franchisor and franchisees formulate their strategies, help to determining the appropriate strategies in the context of franchise networks.