This image shows a flowchart as a series of colored boxes. On the far left is a box labeled "Develop Mission and Vision Statements." It has an arrow leading to the next box, labeled, "Establish Long-Term Objectives." Crossing this arrow is a vertical line that leads to two green boxes, one above and one below. They are labeled "Perform External Audit" (top box) and "Perform Internal Audit" (bottom box). "Establish Long-Term Objectives" has an arrow pointing to "Generate, Evaluate, and Select Strategies," which in turn has an arrow pointing to "Implement Strategies--Management Issues." This box has an arrow pointing to "Implement Strategies--Marketing, Finance, R&D, MIS Issues," which in turn points to the final box on the right, "Measure and Evaluate Performance."
In addition, there are two solid blue arrows originating at the "Measure and Evaluate Performance" box. One points up, to the left, and back down to "Develop Mission and Vision Statements." The other points down, to the left, and up to "Develop Mission and Vision Statements." There are small black arrows pointing down from the top blue arrow toward the flowchart, and up from the bottom blue arrow toward the flowchart. Underneath the bottom blue arrow is a legend of the stages of the strategy process. "Strategy Formulation" extends to the "Generate, Evaluate, and Select Strategies" stage, "Strategy Implementation" extends to the end of the "Implement Strategies--Marketing, Finance, R&D, MIS Issues" stage, and "Strategy Evaluation" extends to the end of "Measure and Evaluate Performance."