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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.
Optimum
The most favorable condition or level of something, where benefits are maximized and negative effects are minimized.
Normal Goods
Normal goods are goods for which demand increases as the income of consumers increases, showing a positive relationship between income and demand.
Income Increases
The rise in earnings received by an individual or household, which can impact consumption, savings, and investment behaviors.
Opportunity Cost
Opportunity cost represents the value of the best alternative foregone when a decision is made to choose one option over another.
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