When companies adopt the strategy$-$making and strategy$-$execution process, it requires they start by

developing a strategic vision and mission, and values.

developing a proven business model, deciding on the company's top management team, and crafting a strategy.

strategic management, developing a business model, crafting a strategy, and deciding how much of the company's resources to employ in the pursuit of sustainable competitive advantage.

coming up with a statement of the company's mission and communicating it to all employees, strategic management, selecting a business model, and monitoring developments and initiating corrective adjustments to the business model when necessary.

deciding on the company's board of directors, setting financial objectives, crafting a strategy, and choosing what business approaches and operating practices to employ.