Crafting and executing a company’s strategy is an ongoing process that consists of five interrelated managerialtasks:1. Developing a strategic vision that charts the company’s long-term direction, a mission statement thatdescribes the purpose of the company’s business, and a set of core values to guide the pursuit of thevision and mission.2. Setting objectives and using them as yardsticks for measuring the company’s performance and trackingits progress in achieving the intended strategic vision and mission.3. Crafting a strategy to achieve the objectives and move the company along the path to accomplishing themission and vision.4. Implementing and executing the chosen strategy efficiently and effectively.5. Monitoring developments, evaluating performance, and initiating corrective adjustments in thecompany’s long-term direction, objectives, strategy, or execution in light of actual experience, changingconditions, fresh managerial ideas for improving the strategy, and newly emerging market opportunities.
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