In a business sense, examine the meaning of Evolution of Strategy.
The evolution of a business strategy is an integral component of success. The evolution of strategy arises from the idea that what the business conceives of and thinks of early on, as it is in its formative stage, is not exactly what happens once the business commences. The evolution of a business strategy can be brought about by several different realities. Perhaps, demands of the marketplace were different than originally conceived and envisioned. In this condition, an evolution of the original strategy is needed. If already active agents in the marketplace modify their approach and change their strategy, an evolution or change in the business strategy is required. The key to an evolving business strategy is that it seeks to make better what is already there. Evolution of business strategy is one in which modification is needed in order to survive. The evolution of a business strategy is one in which individuals recognize that in order to maintain economic viability and profitability, some change is needed. This is an evolutionary step because it improves upon what is there. It is not a wholesale change. The core of the business model is there, but the strategy undergoes reevaluation given the realities that the business confronts. In this, there is an evolution of strategy and approach.