Final answer:
The realized strategy of most firms tends to be a combination of both intended and emergent strategies, reflecting planned goals and adaptions to unforeseen changes.
Step-by-step explanation:
The realized strategy of most firms tends to be a combination of both intended and emergent strategies. An intended strategy is the strategy that an organization originally plans to execute, based on its goals and the business environment at the time of the strategy's formulation.
However, due to unforeseen circumstances, changes in the market, or unexpected opportunities, firms often adapt, leading to an emergent strategy, which was not originally planned but arises in response to unexpected events. This mix allows businesses to stay flexible and responsive while still aiming towards their long-term objectives.
For example, a firm might have an intended strategy to become a leader in a particular product category, but market conditions or new technologies may emerge, leading to an adjustment in strategy to leverage these new opportunities or address challenges.
Therefore, the emergent strategy contributes to the shape of the firm's operational and strategic decisions over time.