The five$-$phase managerial process of making and executing strategy....

is primarily the responsibility of top executives and the board of directors; very few managers below this level are involved.

embraces the tasks of developing a strategic vision, setting objectives, crafting a strategy, implementing and executing the strategy, and then monitoring

includes establishing a company's mission, developing a business model aimed at making the company an industry leader.

is only concerned with sizing up an organization's internal and external situation, so as to be prepared for the challenge of developing a sound business $m$

is usually delegated to members of a company's board of directors so as not to infringe on the time of busy executives.