The process of crafting and executing a company's strategy is an ongoing, continuous process consisting of five interrelated stages: developing a strategic vision that charts the company's long-term direction; setting objectives for measuring the company's performance and tracking its progress in moving in the intended long-term direction; crafting a strategy for advancing the company along the path management has charted and achieving its performance objectives; executing the chosen strategy efficiently and effectively; and monitoring developments, evaluating performance, and initiating corrective adjustments in the company's vision and mission statement, objectives, strategy, or approach to strategy execution in light of actual experience, changing conditions, new ideas, and new opportunities. AACSB: Analytical Thinking Accessibility: Keyboard Navigation Difficulty: 2 Medium Learning Objective: 02-01 Why it is critical for company managers to have a clear strategic vision of where a company needs to head and why. Topic: Crafting and Executing a Strategy 4. of the following are integral parts of the managerial process of crafting and executing strategy?
The process of crafting and executing a company's strategy is an ongoing, continuous process consisting of five interrelated stages: developing a strategic vision that charts the company's long-term direction; setting objectives for measuring the company's performance and tracking its progress in moving in the intended long-term direction; crafting a strategy for advancing the company along the path management has charted and achieving its performance objectives; executing the chosen strategy efficiently and effectively; and monitoring developments, evaluating performance, and initiating corrective adjustments in the company's vision and mission statement, objectives, strategy, or approach to strategy execution in light of actual experience, changing conditions, new ideas, and new opportunities. AACSB: Analytical Thinking Accessibility: Keyboard Navigation Difficulty: 2 Medium Learning Objective: 02-01 Why it is critical for company managers to have a clear strategic vision of where a company needs to head and why. Topic: Crafting and Executing a Strategy 4. of the following are integral parts of the managerial process of crafting and executing strategy?