For a strategy to be successful, a firm must be flexible and make changes to the plan based on experience. Strategic management requires adaptation to changing conditions.

Question

Quizplus · Accepted Answer

This statement is true. Strategic management involves creating a plan for achieving long-term goals, but it is important for a firm to be flexible and willing to make changes to the plan as they gain experience and the business environment evolves. Adaptation to changing conditions is an essential part of successful strategic management.

For a Strategy to Be Successful, a Firm Must Be