Crafting and executing a company’s strategy is an ongoing process that consists of five interrelated managerial
tasks:
1. Developing a strategic vision that charts the company’s long-term direction, a mission statement that
describes the purpose of the company’s business, and a set of core values to guide the pursuit of the
vision and mission.
2. Setting objectives and using them as yardsticks for measuring the company’s performance and tracking
its 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 the
mission and vision.
4. Implementing and executing the chosen strategy efficiently and effectively.
5. Monitoring developments, evaluating performance, and initiating corrective adjustments in the
company’s long-term direction, objectives, strategy, or execution in light of actual experience, changing
conditions, fresh managerial ideas for improving the strategy, and newly emerging market opportunities.