The strategy-making/strategy-implementing process consists of five interrelated managerial tasks. These are as follows:
a) Setting vision and mission:
Where the organization is headed, so as to provide long-term direction, defining what kind of enterprise the company is trying to become and infuse the organization with a sense of purposeful action.
b) Setting objectives:
Converting the strategic vision into specific performance outcomes for the company to achieve.
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c) Crafting a strategy:
Achieving the desired outcomes.
d) Implementing and executing the chosen strategy:
Implementing and executing efficiently and effectively.
e) Evaluating performance and initiating corrective adjustments:
Vision, long-term direction, objectives, strategy, or execution in the light of actual experience, changing conditions, new ideas, and new opportunities.