The strategy formulation, strategy execution process

Multiple Choice

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

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 developments and initiating corrective adjustments in light of experience, changing conditions, and new opportunities.

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.