The strategy formulation , strategy execution process Multiple Choice includes establishing a company's mission, developing a business model aimed at making the company an industry leader and crafting a strategy to implement and execute the business model is usually delegated to members of a company's board of directors so as not to infringe on the time of busy executives primarily the responsibility of top executives and the board of directors very few managers below this level are involved embraces the tasks of developing strategic vision, setting objectives , crafting strategy, implementing and executing the strategy, and then monitoring developments and initiating corrective adjustments in light of experience , changing conditions and new opportunities