guide companies towards their long-term goals. They break down the mission into actionable targets, like increasing market share or expanding globally. These objectives help align activities and decision-making across the organization.
Companies employ different levels of strategy to achieve their objectives. focus on competing within specific markets, while address the overall direction. manage operations across multiple countries, balancing global efficiency with local responsiveness.
Strategic Objectives and Levels of Strategy
Role of strategic objectives
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Provide specific, measurable goals aligned with company's mission and vision to guide activities and decision-making
Break down mission statement into actionable long-term goals (typically 3-5 years)
Examples:
Increase market share by a certain percentage
Expand into new geographic markets (Asia, Europe)
Develop new products or services
Improve customer satisfaction ratings
Reduce costs or increase profitability
Utilize approach to track progress across multiple dimensions
Types of organizational strategies
Business-level strategies determine how to compete within a specific industry or market
Focus on creating and sustaining competitive advantages
Examples: , ,
Corporate-level strategies address overall direction and scope of the organization
Involve decisions about entering, exiting, or maintaining businesses
Allocate resources among different business units
Examples: , ,
International strategies manage operations and competition in multiple countries
Decide which markets to enter, entry modes, and local adaptations
Examples: , ,
Implementation of grand strategies
increase company's size, market share, or profitability
Business level: , ,
Corporate level: diversification into new businesses or markets
International: enter new countries or expand in existing markets
maintain company's current position and performance
Business level: focus on existing products and markets
Corporate level: maintain current business portfolio, allocate resources to support them
International: consolidate operations in existing markets
address challenges or threats to performance
Business level: cost cutting, asset reduction, from certain markets
International: exit certain countries or scale back operations due to adverse conditions
Choice of grand strategy depends on company's resources, competitive position, and external environment
Different strategies can be pursued at various organizational levels based on specific challenges and opportunities faced by each business unit or market
Analyze industry attractiveness using model
Strategic Management Process
Involves continuous cycle of planning, implementation, and evaluation
Identify to leverage for
Analyze to optimize activities and create customer value
Develop to align objectives with resources and capabilities