The strategy$-$making, strategy$-$executing process

is handled by key members of a company's board of directors so as not to infringe on the time of busy executives. includes the tasks of developing a strategic vision, mission and core values; setting objectives; crafting a strategy to achieve the performance objectives and move the company along the chosen path; implementing and executing the strategy; and monitoring developments, evaluating performance, and initiating corrective adjustments.

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.

entails developing a viable business model, deciding on the company's strategic intent, creating a balanced scorecard to monitor performance, and crafting a $5-$year strategic plan.

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.