Eight Aspects of Corporate Strategy

Corporate StrategyThe term “Corporate Strategy” is gaining importance in the era of privatization, globalization and liberalization. A few aspects regarding the nature of strategy are as follows:

  1. Corporate strategy is related mostly to external environment.
  2. Corporate strategy is being formulated at the higher level of management. At operational level, operational strategies are also formulated.
  3. Corporate strategy integrates three distinct and closely related activities in strategy making. The activities are strategic planning, strategic implementation and strategic evaluation and control. 
  4. Corporate strategy is related to long term.
  5. It requires systems and norms for its efficient adoption in any organization.
  6. It provides overall framework for guiding enterprise thinking and action.
  7. It is concerned with a unified direction and efficient allocation of organization resources.
  8. Corporate strategy provides an integrated approach for the organization and aids in meeting the challenges posed by environment.