Explain why a company's strategy cannot be completely planned out in advance and why crafting a company's strategy cannot be a one-time, once-and-for-all managerial exercise. Identify at least three factors that account for why company strategies evolve.
What will be an ideal response?
A company's strategy tends to evolve because of changing circumstances and ongoing efforts by management to improve the strategy. Planned initiatives to improve the company's financial performance and secure a competitive edge are implemented in sync with reactive strategies because market conditions and customer preferences change from time to time. Changing circumstances and ongoing management efforts to improve the strategy cause a company's strategy to evolve over time-a condition that makes the task of crafting strategy a work in progress, not a one-time event. Factors that mostly lead to change in strategies are fresh strategic maneuvers on the part of rival firms, unexpected shifts in customer requirements, fast-changing technological developments, etc.
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