Strategy formulation is

$3.$ moitly hidden to outside view and is deliberately kept under wraps by top$-$level managers $(s0$ as to catch rival companies by surprise when th strategy is launched$).$

tor typicatty planned wett 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.

C$.$ static over time unless a newly appointed CEO decides to take the company in a new direction with a new strategy.

a fymieally a blend of prosettive and reactive stratemy elements.

e$.$ developed solely on the fly because managers must make constant efforts to come up with fresh moves to keep a company's product offering clearly set apart from the product offerings of rival firms.