When companies adopt the strategy formulation, strategy execution process, the first step is to Group of answer choices develop a strategic vision, mission, and values. execute the company's chosen strategy efficiently and effectively. adopt a proven business model, decide on the company's top management team, and craft a strategy. set objectives and develop a profitable business model to meet those objectives. monitor internal and external developments and initiate corrective adjustments to the business model when necessary.

develop a strategic vision, mission, and values.

Explanation:

In Business management, a strategy can be defined as a set of guiding principles, actions and decisions that an organization combines so as to achieve its business goals, attract customers and possess a competitive advantage over its rivals in the industry.

Business strategy sets the overall direction for the business because it focuses on defining how a business would achieve its goals, objectives, and mission; as well as the funds and material resources required to implement or execute the business plan. The components of a business strategy includes the following;

I. Value.

II. Vision.

III. Mission.

On a related note, when companies adopt the strategy formulation, strategy execution process; the first step is to develop a strategic vision, mission, and values that would effectively and efficiently help it in achieving its aim, goals, objectives, and procedures in order to enhance the survival, growth, and overall effectiveness of a business firm.