Corporate Strategy is the direction and scope of an organisation, which achieves advantage for the organisation through its configuration of resources within a changing environment and to fulfill stakeholder expectations.
What is Strategic Management ?
It is the managerial process that focuses on identifying and building competitive advantage
By Generating good ideas and implementing them effectively.
Corporate Strategy is the pattern of major objectives, purposes or goals and essential policies or plans (for achieving those goals), stated in such a way as to define what business the company is in, or is to be in, and the kind of company it is, or is to be. (- Kenneth Andrews)
The task of corporate strategy is to create a distinctive way ahead for an organisation, using whatever skills and resources it has, against the background of the environment and its constraints.
5 Tasks of Strategic Management
1. Forming a strategic vision – Long term direction, a sense of purposeful action.
2. Setting objectives – Converting the strategic vision into specific performance outcomes for the organisation to achieve.
3. Crafting a strategy to achieve desired results :
- Macroeconomic analysis
- Industry Analysis
- Game theory
- Capabilities-based strategy formulation
- Dynamic capabilities & evolutionary thinking
4. Implementation & executing the strategy
5. Evaluating performances, reviews and corrective action