Competitors and customers have become too unpredictable and industries too amorphous. In a world where competitive advantage fades away rapidly, companies can't afford to spend months crafting a single long-term strategy. The concept of practice refers to various methods, tools, and techniques that practitioners utilize when they strategize. For sensible reasons, companies with any degree of maturity tend to be oriented toward the exploitation phase of the life cycle. Milliken & Company is a fascinating example of an organization that managed to overcome the competitive forces that annihilated its industry. Statistical evidence indicates that formal strategizing doesn't make a significant contribution to profits. Serendipity is described as the intersection of three “domains” or elements: search, knowledge/preparation, and chance. Decision makers make use of intuition when they need to make quick decisions whilst there is a lack of information and no prior experience.