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

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.

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.

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

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

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