Strategy formulation is
A)mostly hidden to outside view and is deliberately kept under wraps by top-level managers (so as to catch rival companies by surprise when the strategy is launched).
B)typically planned well in advance and usually deviates little from the planned set of actions and business approaches because of the risks of making on-the-spot changes.
C)static over time unless a newly appointed CEO decides to take the company in a new direction with a new strategy.
D)typically a blend of proactive and reactive strategy elements.
E)developed solely on the fly because managers must make constant efforts to come up with fresh moves to keep a company's product offering clearly set apart from the product offerings of rival firms.

Question

Quizplus · Accepted Answer

Strategy formulation involves both proactive and reactive elements. Proactive strategies involve making long-term plans and taking calculated risks to achieve a competitive advantage, while reactive strategies involve responding to unexpected external events or changes in the market. Effective strategy formulation requires a blend of both proactive and reactive elements to anticipate and respond to changing market conditions.

Strategy Formulation Is