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 or making on the spot changes. static over time untess 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 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