Could you elaborate in this process in your own words Essay

Could you elaborate in this process in your own words - Essay Example Strategic plans are developed to accomplish the long term objectives of a company (Kotler, 2003). Whenever a company faces financial struggles the strategic plans of a company should be modified to adapt to the financial crisis the company faces. If the firm has a lot of inventory a way to improve the cash flow of the firm is by liquidating merchandise. The problem with this strategy is that it hurts the profitability of the company. The strategy of a firm can be redirected in order to adapt to a market change that affects the industry as a whole. Back in 2001 in the aftermath of the 9/11 terrorist attacks the airline industry was forced to change its securities protocols to increase the safety of its services. â€Å"The attacks forced the airline industry to renew and strengthen their focus on security† (Boston, 2013). Many firms in other industries have altered their environmental behavior to comply with the expectations of green conscious