The Doom Loop

The book "Good to Great" talks about the Doom Loop. The Doom Loop starts at the juncture of environmental analysis and strategy formulation, where the company does not choose an appropriate strategy to align the company with its environment. It also comes from a failure at the juncture of strategy implementation and formulation, where a company abandons its strategy before seeing the results of longterm decisions and chooses a new strategy as a reaction instead of as the result of careful environmental analysis.

What do you think, where does the Doom Loop starts for most failed companies?