This study emphasizes the need for managers to promptly and effectively
respond to changing business environment. Also, special review on limiting factors
in the activities of managers and limiting their ability to anticipate and respond
to the challenges of change in the business environment. This study also suggests
some ways in which managers and organizations might improve own readiness and
flexibility which is needed to respond promptly to business environmental changes.
Different types of organizational learning and their relationship to strategy
formulation and implementation are described in this study.