Crafting and executing strategy are the heart and soul of managing a business enterprise. But exactly what is involved in developing a strategy and executing it proficiently?  What are the various components of the strategy formulation, strategy execution process, and to what extent are company personnel—aside from senior management—involved in the process?

A strategic vision describes “where we are going”— the course and direction management has charted and the company’s future product-customer-market technology focus. The managerial process of crafting and executing a company’s strategy is an ongoing, continuous process consisting of five (5)  integrated stages:
1. Developing a strategic vision that charts the company’s long-term direction, a mission statement that describes the company’s business, and a set of core values to guide the pursuit of the strategic vision and mission.
2. Setting objectives for measuring the company’s performance and tracking its progress in moving in the intended long-term direction.
3. Crafting a strategy for advancing the company along the path to management’s envisioned future and achieving its performance objectives.
4. Implementing and executing the chosen strategy efficiently and effectively.
5. Evaluating and analyzing the external environment and the company’s internal situation and performance to identify corrective adjustments that are needed in the company’s long-term direction, objectives, strategy, or approach to strategy execution