Strategy formulation is

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Select one:

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$).$

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

C$.$ 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.

D$.$ 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.

E$.$ typically a blend of proactive and reactive strategy elements.

Clear my choice