Typically, managers proactively modify this or that aspect of their strategy as new learning emerges about which pieces of the strategy are working well and which aren't and as they explore and test new ideas for strategy improvement.

Well$-$crafted company strategies rarely need to be changed unless one or more important rival firms launch unexpected strategic initiatives that endanger the company's long$-$term profitability.

A company's present strategy is always temporary and on trial, pending management's next round of strategy initiatives, the emergence of new industry and competitive conditions, and other unfolding developments that management believes warrant strategy adjustments.

A company's strategy evolves from one version to the next as managers abandon obsolete or ineffective strategy elements, settle upon a set of proactive strategy elements, and then$--$as new circumstances unfold$--$make adaptive strategic adjustments $($these adaptive strategy adjustments represent reactive strategy elements$).$

A company's strategy tends to be a blend of $(1)$ proactive actions to improve the company's financial performance and secure a competitive edge and $(2)$ as$-$needed reactions to unanticipated developments and fresh market conditions.