Difference Between Business And Corporate Strategy
Corporate strategy defines the markets and the businesses in which an organization chooses to operate. Competitive or business strategy defines the basis on which it will compete. Corporate strategy is typically decided in the context of the organization’s mission and vision (what the organization does, why it exists, and what it intends to become).
Corporate strategy is concerned with deploying the available resources to achieve your objectives whereas tactics are concerned with employing them. Strategy will affect the overall direction of the organization and establish its future working environment. It aims at answering fundamental questions such as
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A successful strategy depends on the following:
Vision - dictates both the purpose and values of the organization.
Values- guiding belief and reflect core values.
Mission- describes overall functions.
Policies- protocol of governing body.
Difference between business and corporate-level strategy
Business-level strategy is detail actions taken to provide value to customers and gain a competitive advantage by exploiting core competencies in specific, individual product or service markets whereas corporate-level strategy is the overall plan for a diversified economy.
Three Levels of Strategy in an Organization
Business unit strategy
• Business goals