Home | ARTS | Strategic Management | As on going process - Concept Of Corporate Strategy

Strategic Management - Concept Of Corporate Strategy

As on going process - Concept Of Corporate Strategy

   Posted On :  25.06.2018 09:57 pm
As on going process - Concept Of Corporate Strategy

Corporate strategy is a continuous on going process and extends company wide over a diversified company’s business.

As on going process
 
Corporate strategy is a continuous on going process and extends company wide over a diversified company’s business. It is a boundary spanning planning activity considering all the elements of the micro and macro environments of a firm. The following are the key tasks of the process of developing and implementing a corporate strategy.

1. Exploring and determining the vision of the company in the form of a vision statement.
 
2. Developing a mission statement of the company that should in-clude statement of methodology for achieving the objectives, pur-poses, and the philosophy of the organization adequately reflected in the vision statement.
 
3. Defining the company profile that includes the internal analysis of culture, strengths and capabilities of an organization.
 
4. Making external environmental analysis to identify factors as threats, opportunities etc.
 
5. Finding out ways by which a company profile can be matched with its environment to be able to accomplish mission statement
 
6. Deciding on the most desirable courses of actions for accomplish-ing the mission of an organization
 
7. Selecting a set of long-term objectives and also the corresponding strategies to be adopted in line with vision statement.
 
8. Evolving short-term and annual objectives and defining the cor-responding strategies that would be compatible with the mission and vision statement.
 
9. Implementing the chosen strategies in a planned way based on budgets and allocation of resource, outlining the action programs and tasks.

10. Installation of a continuous comparable review system to create a controlling mechanism and also generate data for selecting future course of action
 
The over all corporate strategy of a diversified company is de-picted in Figure 1.2

 
 
Source : Thompson & Strickland (2003), Strategic Management, Tata McGraw Hill, New Delhi.
 
The process of developing corporate strategy or the overall mana-gerial plan for involves the following processes.
 
1. Making the moves to establish in different businesses and achieve diversification.
 
2. Initiating actions to boost the combined performance of the busi-nesses the firm has diversified into.
 
3. Pursuing ways to capture valuable cross-business strategic fits and turn them into competitive advantage.
 
4. Establishing investment priorities and steering corporate resources into the most attractive business units 
Tags : Strategic Management - Concept Of Corporate Strategy
Last 30 days 1500 views

OTHER SUGEST TOPIC