Define Strategic Flexibility and Explain Its Implications

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The Answer is Corporations need to develop strategic flexibility, which is the ability to shift from one dominant strategy to another. Strategic flexibility requires an organization to commit to the long-term development of important and critical resources. It requires that the company become a learning organization, which is an organization skillful in creating, innovating, and transferring knowledge, and readjusting its behavior to reflect new knowledge and ideas. Organizational learning is a critical component of competitiveness in a dynamic environment. It is particularly important to innovation as well as new product development.
Strategic management through continuous self-improvement is essential for learning organizations to avoid sluggishness. Organizational employees at all levels participate in strategic management by helping to study and analyze the environment for useful information, suggesting changes to strategies and programs to take advantage of environmental changes. They can then work effectively with each other to continuously improve work methods, procedures, and evaluation techniques.

Define Strategic Flexibility and Explain Its Implications

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