Which term describes the actual strategy that a firm implements after considering both intended and emergent strategies?

The term that accurately captures the strategy a firm implements after evaluating both its intended strategies (the plans formulated by management) and emergent strategies (the strategies that develop over time in response to unforeseen circumstances) is known as the realized strategy. This concept emphasizes that while organizations may start with a clear set of goals and objectives (intended strategies), the actual course of action may shift based on real-world challenges and opportunities that arise.

Realized strategy reflects the true path a company takes and includes elements from both planned intentions and adaptive responses to changing conditions. It highlights the dynamic nature of strategic management, where rigid adherence to initial plans may not be feasible, and where flexibility can lead to better alignment with external and internal factors. This understanding is crucial for managers as it points out the importance of remaining adaptable and responsive to changes in the business environment while still aiming to achieve broader organizational goals.