Dear Daeed

A strategy consists of creating a unique, valuable and defensible offer which addresses a significant target market. to serve the target market in a better way we always need marketing innovation which is the  implementation of a new marketing method involving significant changes in product design or packaging, product placement, product promotion or pricing.since market is dynamic and changes with the passage of time, we need flexibility in the strategy to achieve enhanced marketing innovation. following link may be helpful to you in framing your construct for the study

http://www.sciencedirect.com/science/article/pii/S1877042813039736

https://books.google.co.in/books?id=mU-MDAAAQBAJ&pg=PA73&lpg=PA73&dq=strategic+flexibility+helps+to+enhance+Marketing+Innovation&source=bl&ots=YX-ozsb_yb&sig=zBOktTnTjIJNU6E5f60UDCXla9s&hl=en&sa=X&ved=0ahUKEwiWtMmH0fLOAhVKsY8KHXnbBGsQ6AEILzAC#v=onepage&q=strategic%20flexibility%20helps%20to%20enhance%20Marketing%20Innovation&f=false

https://www.researchgate.net/publication/275542929_Strategic_Flexibility_Environmental_Dynamism_and_Innovation_Performance_An_Empirical_Study

regards

Article Strategic Flexibility, Environmental Dynamism, and Innovatio...

Strategic flexibility is defined as firms' ability to strategically respond and adapt to environmental and industry/market changes as well as changes in competitors strategic behaviors. It is good for small and medium size of business as any strategic change will be followed by its operational costs and adjustment costs. However, strategic flexibility offers firms for innovation or be different and unique in the market through a series of R&D.

A firm that has already opted for a number of years for cost leadership may change to differentiation or conversely. But the changes require a high cost. For instance, a low cost airline that operates at very minimum investment will need to huge adjustment when they want to change to full service airline.

Innovation in my opinion is not necessarily involved changes in firms' strategy but it can be applied in the way a firm operate a strategy and all actions related to the chosen strategy. Of course, this way is more difficult for the firm for long run as compared to changing a strategy but requires new high investments.

I wonder is flexibility always reasonable if you want to avoid diversification failures.

Hi Muhammad,

Some authors present strategic agility not only as acapability but also as an integrated strategy (...) built upon  multi-faceted capabilities.

for more clarity please see the liks below.

http://www.sciencedirect.com/science/article/pii/S0925527315002236

http://www.sciencedirect.com/science/article/pii/S0925527315002236

Regards