Business And Corporate Strategies For A Business

2210 Words9 Pages
Business and corporate strategies can be very important in a firm if used effectively. With many different strategies on offer, a business will most definitely find one that suits them best, enabling them to utilise it to their best ability. According to Lynch (2006) “a corporate strategy can be described as the identification of the purpose of the organisation and the plans and actions to achieve that purpose”. Essentially, strategy is all about where an organisation would like to be long-term, in addition to the markets and activities they would like to compete in and how they can perform more effectively than their competition. According to Porter, (1985) ”Sometimes companies such as Microsoft get so far ahead that they seem to avoid the need for strategic choices, but this becomes their ultimate vulnerability”. Therefore, it is clear that having a strategy is important for a business long-term. There are three main types of strategies depending on what level an organisation is at; these include, corporate level strategy, business level strategy, and operational strategy. According to Lynch (2006) corporate level strategy encompasses major objectives, goals or purposes with essential policies and plans in order for a company to achieve those goals. They would state this in a way that would define what the business is in and what the business is, followed by what the business aims to be in and where they intend to be. A business level strategy tends to focus more on
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