The strategy$-$making, strategy$-$executing process is shaped by

a$.$ external factors such as the industry's economic and competitive conditions and internal factors such as the company's collection of resources and capabilities.

b$.$ top executives and the board of directors; very few managers below this level are involved in the process.

c$.$ the challenges of developing a sound business model.

d$.$ management's strategic vision, strategic and financial objectives, and strategy.

e$.$ the decisions made by the compensation and audit committees of the board of directors.