This chapter explores the context of business strategy´s formulation and contemporary management, addressing seminal aspects related with: (i) technological disruptions (e.g., artificial intelligence and the internet-of-things; and the 4th industrial revolution); (ii) global business competition (e.g., new business models; mergers and acquisitions; network competition; or globalization); and (iii) the upsurge of the VUCA business environments. In this context, the major challenges surrounding the Strategic Adaptation and Strategic Fit to VUCA environments are depicted . One addresses moreover the POLC cycle, plus the phases of strategic fit (and the organizational levers of internal/external fit) and the importance of developing multiple organizational capabilities. Lastly, it depicts the association of strategic management practices (planning vs. controlling) and their importance for organizational success.

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