Figure 5
A diagram illustrating three ways in which companies formulate strategy. The diagram is structured with a central box labeled Strategy at the top, which branches into three main components: Strategic thinking, Formal strategic planning, and Opportunistic strategic decision making. These components are connected to the central Strategy box by lines, indicating their role in formulating strategy. Below the central Strategy box, there is another box labeled Market understanding, which is connected to the central box by a line. Market understanding further branches into three sub-components: Major trends, Customer insights, and Company analysis. These sub-components are connected to the Market understanding box by lines, indicating their role in providing market understanding.Three ways in which companies formulate strategy Erdiaw-Kwasie and Alam (2023)