Corporate Strategy : A unified, comprehensive and integrated plan that relates the strategic advantage of the firm to the challenges of the environment.

Vector : It is the direction in which the firm will move regarding the product market complex.

Synergy : It is the measurement of the firms capability to take advantage of a new product market move.

Corporate Level Strategy : The top management involves themselves in futuristic, innovative and pervasive
decisions. This is related to ‘what’ aspect of corporate strategy.

Business Level Strategy : It relates mainly to ‘how’ aspect of corporate strategy. They are more specific and action oriented.

Grand Strategies : Stability, expansion, retrenchment and combination are the strategic alternatives and
are named as grand strategies.