Crafting a strategy involves

developing a five$-$year strategic plan and then fine$-$tuning it during the remainder of the plan period.

doing everything possible $($in the way of price, quality, service, warranties, advertising, and so on$)$ to make sure the company's product$/$service is very clearly differentiated from the product$/$service offerings of rivals.

All of these accurately characterize the managerial process of crafting a company's strategy.

trying to imitate as much of the market leader's strategy as possible so as not to end up at a competitive disadvantage.

blending deliberate$/$planned initiatives with emergent$/$unplanned reactive responses to changing circumstances, while abandoning planned strategy elements that have failed in the marketplace.