When companies adopt the strategy formulation, strategy execution process, the first step is to

Multiple Choice

monitor internal and external developments and initiate corrective adjustments to the business model when necessary.

adopt a proven business model, decide on the company's top management team, and craft a strategy.

execute the company's chosen strategy efficiently andimffectively.

set objectives and develop a profitable business model to meet those objectives.

develop a strategic vision, mission, and values.