Crafting and executing strategy are top$-$priority managerial tasks because

how well executives perform these tasks determine the extent to which a company's chances for outcompeting rivals and becoming the industry leader are above$-$average or below$-$average.

all company personnel, and especially senior executives, need to have a strong understanding of "who we are, what we do$,$ and where we are headed"

working their way through the tasks of crafting and executing strategy helps top executives create tight fits between a company's customer value proposition and its profit proposition.

how well a company performs and the degree of market success it achieves are directly attributable to the caliber of its strategy and the proficiency with which the strategy is executed.

how well executives perform these tasks determine whether the company will enjoy maximum profitability.