Abstract
The dynamic nature of the environment in which a firm operates, demands a very adaptive and flexible decision-making process from the managerial point of view. There is a need to understand the elements of strategic flexibility and the process of efficient decision-making and implementation. Hence this paper reviews the literature and systematically analyses the results on the basis of different criteria. Various aspects of strategic flexibility were interpreted and linked through a conceptual framework. Scholarly database “Web of Science” has been scanned resulting in the inclusion of various qualitative, quantitative and empirical studies. The review consists of paper from various domain, i.e. services, exports, manufacturing, healthcare, etc., covering a period of 1975-2019. This study will help in better understanding of the evolution of the concept over time and will give a clear-cut step in the decision-making process. Finally, this paper will open several avenues for further studies providing a base for empirical researches.
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