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Trends and factors will always be an aspect that companies will have to adjust to in order to optimize their success. Strategic adaptability is defined as “a firm’s ability to adjust its business practices and competitive tactics in response to the perceived efficacy of its strategic actions, can be a strong determinant of organizational performance.” (The Arthur M. Blank Center for Entrepreneurship, 2007) This encourages companies to scan the remote environment to create strategic plans that provide benchmarks, direction and forecast for the company in the next three to five years. Consequently, “many CEOs are talking about strategic adaptability and agility, partnerships and alliances and how to exploit their strengths and mitigate their weaknesses...
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