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Free solved assignment answer of mba101 Q1. Define the terms ‘strategy’. Explain the following: a) Corporate strategy b) Business strategy c) Functional strategy

Answer: Strategy: A strategy is a plan of action designed to achieve a specific goal or series of goals within an organizational framework. Strategy is the direction and scope of an organisation over the long-term: which achieves advantage for the organisation through its configuration of resources within a challenging
environment, to meet the needs of markets and to fulfil stakeholder expectations

There are three types of Strategy planned in organisations:
  • Corporate strategy
  • Business strategy
  • Functional strategy

a) Corporate strategy
Corporate Strategy - is concerned with the overall purpose and scope of the business to meet stakeholder expectations. This is a crucial level since it is heavily influenced by investors in the business and acts to guide strategic decision-making throughout the business. Corporate strategy is often stated explicitly in a "mission statement".

b) Business Strategy - is concerned more with how a business competes successfully in a particular market. It concerns strategic decisions about choice of products, meeting needs of customers, gaining advantage over competitors, exploiting or creating new opportunities etc.

c) Functional strategy - is concerned with how each part of the business is organised to deliver the corporate and business-unit level strategic direction. Operational strategy therefore focuses on issues of resources, processes, people etc.

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