Which concept involves tracking and adjusting a strategy as it is being implemented?

The concept of tracking and adjusting a strategy as it is being implemented is best defined by strategic control. This process involves continuously monitoring the implementation of a strategy to ensure that it is on track to achieve its goals. It includes evaluating the effectiveness of the strategy as it unfolds, making necessary adjustments based on performance data, and responding to any environmental changes or unforeseen challenges that arise during execution.

Strategic control is crucial because it allows organizations to remain flexible and responsive. By regularly assessing outcomes and aligning them with objectives, businesses can pivot or refine their strategies to optimize performance and achieve desired results. This adaptability is essential in today's rapidly changing business environment, where external factors can quickly impact strategic effectiveness.

The other concepts, while important in their own contexts, do not specifically focus on the ongoing adjustment of strategies during implementation. Generic strategies refer to overarching approaches to competitive advantage, continuous improvement is a philosophy of incremental enhancement in processes, and short-term objectives pertain to specific goals that can guide actions but do not inherently include the tracking and adjustment dynamic captured in strategic control.