When companies adopt the strategy$-$making and strategy$-$execution process, it requires they start by

developing a proven business model, deciding on the company's top management team, and crafting a strategy.

developing a strategic vision, mission, and values.

strategic management, developing a business model, crafting a strategy, and deciding how much of the company's resources to employ in the pursuit of sustainable competitive advantage.

coming up with a statement of the company's mission and communicating it to all employees, strategic management, selecting a business model, and monitoring developments and initiating corrective adjustments to the business model when necessary.