Corporate strategy
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There are three main types of corporate strategies: stability, growth, and renewal. The document focuses on growth strategy, which aims to increase revenue either geographically or by expanding product lines. Growth strategies include concentration on existing markets and products, integration by entering new markets or industries, and diversification into unrelated businesses. The author chooses to pursue a growth strategy to increase revenue by providing existing products to new geographic markets or customer groups.
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Corporate level strategies are basically about the choice of direction that a firm adopts in order to achieve its objectives.
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The document discusses grand strategies that provide overall direction for strategic actions of firms operating in multiple industries or business areas. It outlines four main grand strategy alternatives: stability, growth, combination, and retrenchment. Stability involves remaining the same size or growing slowly, while growth can involve internal expansion or external diversification. Combination uses different strategies for different units, and retrenchment shrinks or sells off businesses. The document also presents a grand strategy matrix based on market growth and competitive position, outlining suitable strategies for each quadrant, such as market penetration, product development, or divestiture. It further defines various strategies like forward integration, divestiture, liquidation, and conglomerate diversification.
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The document outlines the hierarchy of strategies used in strategic management. It discusses corporate level strategies that affect the whole organization, business level strategies that gain competitive advantage in specific markets, and functional level strategies for different departments. Functional strategies include operational strategies for quality and production, financing strategies for funds management, marketing strategies for segmentation and promotion, and human resources strategies for recruitment and compensation.
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Marketing strategy is important for any business and field. It is defined as a process that allows an organization to focus its resources on optimal opportunities to increase sales and achieve a competitive advantage. Marketing strategy includes long-term activities related to analyzing a company's strategic situation and formulating, evaluating, and selecting market-oriented strategies to contribute to corporate goals and objectives. There are different levels of strategy, including corporate strategy which defines the business and direction, business strategy which concerns actions in a specific business line, and functional strategy which deals with executing activities like marketing and finance within a business. The strategic marketing process is used to allocate resources to achieve goals, convert plans into actions, and compare results to plans to determine if new plans are needed.
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- 1. Corporate strategy The overall scope anddirectionof a corporationandthe way inwhichitsvariousbusinessoperations worktogetherto achieve particulargoals. Types ofcorporate strategies There are three typesof corporate strategies. 1) Stability 2) Growth 3) Renewal Growth business In this type of business we increased revenues either by geographically or by extending product range. There are three types of growth business. i. Concentration ii. Integration iii. Diversification Stability business It is also known as satisfying approach. When you are satisfied and what you are getting out from your business, you are satisfied and think that there is no need to expand your business. Renewal business Renewalstrategy is used when your business is not flourishing or is going in a downfall. This strategy is also done in response to a decline in the corporation’s performance. Renewalstrategy are of two types. i. Retrenchement ii. Turnaround Out of these corporate strategies,the one we will be choosing is growth strategy. Purpose for choosing growth strategy The reason behind choosing growth strategy is that we want to increase our revenue by providing