Final answer:
The strategy-making and strategy-execution process involves developing a strategic vision, mission, and core values, setting objectives, crafting a strategy to achieve those objectives, implementing and executing the strategy, and monitoring performance. This process is primarily the responsibility of the top executives of a company. The other options either do not encompass the full process or include incorrect information.
Step-by-step explanation:
The strategy-making and strategy-execution process can be characterized by the following:
A. Handled by key members of a company's board of directors to avoid infringing on the time of busy executives. This statement is incorrect because the strategy-making and strategy-execution process is primarily the responsibility of the top executives and not the board of directors.
B. Includes the task of developing a strategic vision, mission, and core values; setting objectives; crafting a strategy to achieve objectives, mission, and vision; implementing and executing the strategy; and monitoring developments to evaluate performance, initiating corrective adjustments. This statement is correct. The strategy-making process involves establishing a strategic vision, mission, and core values, while the strategy-execution process entails implementing and executing the strategy to achieve the set objectives.
C. Entails building a viable business model, deciding on a company's strategic intent, reading a balanced scorecard, and some on their performance in creating a five-year strategic plan. This statement includes some elements of the strategy-making and strategy-execution process, but it does not encompass the entire process.
D. Includes establishing a company's mission, developing a business model aimed at making the company an industry leader, and crafting a strategy to implement and execute the business model. This statement is partially correct as it includes elements of the strategy-making and strategy-execution process but does not cover the full process.
E. Is principally concerned with sizing up an organization's internal and external situation to be prepared for the challenge of developing a sound business model. This statement is incorrect as it only focuses on one aspect of the strategy-making and strategy-execution process.
Based on the above analysis, option B is the most accurate characterization of the strategy-making and strategy-execution process.