Strategy formulation is Option A 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). Option B 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. Option C static over time unless a newly appointed CEO decides to take the company in a new direction with a new strategy. Option D typically a blend of proactive and reactive strategy elements. Option 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