Corporate strategy at its core concerns itself with the entirety of a business, where decisions are made in regard to its overall growth and direction.
Ultimately, corporate strategy strives to create value, develop a unique marketing advantage and seize maximum market share.
The corporate strategy level concerns itself with the entirety of the organization on a more or less abstract level, where decisions are made with regard to the overall growth and direction of a company
The Main Components of Corporate Strategy are
- Visioning
- Objective Setting
- Allocation of Resources
- Strategic Trade-offs (Prioritization)
1. Visioning involves setting the high-level direction of the organization – namely the vision, mission, and potentially corporate values.
2. Objective Setting involves developing the visioning aspects created and turning them into a series of high-level (sometimes still rather abstract) objectives for the company, typically spanning 3-5 years in length.
3. Allocation of Resources refers to decisions which concern the most efficient allocation of human and capital resources in the context of stated goals and aims.
4. Strategic Trade-Offs are at the core of corporate strategic planning. It’s not always possible to take advantage of all feasible opportunities. In addition, business decisions almost always entail a degree of risk. Corporate-level decisions need to take these factors into account in arriving at the optimal strategic mix.
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