13 Strategy formulation is Multiple Choice mostly hidden to outside view and is deliberately kept under wraps by top-level managers (so as to catch rival companies by surprise when the strategy is launched). typically planned well in advance and usually deviates little from the planned set of actions and business approaches because of the risks of making on-the-spot changes. static over time unless a newly appointed CEO decides to take the company in a new direction with a new strategy. typically a blend of proactive and reactive strategy elements.