Final answer:
The term 'realized strategy' refers to the strategy that an organization actually implements, which may be a combination of initially intended strategy components and emergent strategy elements that adapt to unexpected circumstances.
Step-by-step explanation:
A realized strategy is the strategy that an organization actually follows. When we discuss strategic management, organizations often define their intended strategies, which are the plans they set out to execute. However, due to a variety of factors such as changes in the market, internal dynamics, or unexpected opportunities or threats, the realized strategy can diverge from these initial plans.
The realized strategy is the result of deliberate and emergent processes. The deliberate strategy is the component of the intended strategy that the organization successfully implements. In contrast, an emergent strategy unfolds in response to an array of unanticipated events, which can lead to strategic decisions that were not part of the original planning process.
Understanding the realized strategy is crucial because it reveals what an organization is actually doing versus what it planned to do. Analyzing the realized strategy allows organizational leaders to reflect on the effectiveness of their decision-making, adapt their approach, and align their operations with the actual market conditions. This analysis requires a regular review of organizational performance, a re-evaluation of goals and plans, and possibly, a shift in resource allocation to better suit the current strategic direction. Therefore, it is essential for businesses to monitor and adjust their strategies continually.