Crafting and executing a strategy is a top$-$priority managerial task because

it establishes how well executives perform these tasks and are the key determinants of executive compensation.

it is management's prescription for doing business, its roadmap to competitive advantage, a game plan for pleasing customers, and its formula for improving performance.

it provides clear guidance as to what the company's business model and strategic intent are, and helps keep managerial decision$-$making from being rudderless.

it allows all company personnel, and especially senior executives, to know the answer to "who are we$,$ what do we do$,$ and where are we headed?"

it helps management create tight fits between a company's strategic vision and business model.