A good strategy consists of three key elements that make up the strategic management process: Analysis, Formualtion, and Implementation.

First, Analysis $($or Diagnosis$)$ includes clarifying the firm's purpose and analyzing its external and internal environments to identify the competitive challenges around the firm.

Next, the Formulation of a guiding policy involves the process of laying foundations to craft a firm's corporate, business, and functional strategies to address competitive challenges through strategy formulation.

Finally, Implementation refers to a firm's process of taking coherent actions to implement its guiding policy.

We call this strategic management process

AFI framework

Five Forces framework