What Does the Process of Crafting and Executing Strategy Entail?

Crafting and executing a company’s strategy is a five-phase managerial process:

1. Developing a strategic vision of where the company needs to head and what should be its future product-consumer-market-technology focus.
2. Setting objectives and using them as yardsticks for measuring the company’s performance and progress.
3. Crafting a strategy to achieve the desired outcomes and move the company along the strategic course that management has charted.
4. Implementing and executing the chosen strategy efficiently and effectively.
5. Monitoring developments and initiating corrective adjustments in the company’s long-term direction, objectives, strategy, or execution in light of the company’s actual performance, changing conditions, new ideas, and new opportunities.