Strategy Formulation Corporate Strategy

1. Steps in Strategy formulation

1.1. 1. Define the Organization

1.1.1. End Benefit

1.1.2. Target Market

1.1.3. Technology

1.2. 2. Define the Strategic Mission

1.3. 3. Define the Strategic Objectives

1.4. 4. Define the Competitive Strategy

1.4.1. Industry and Marketplace

1.4.2. The company's position relative to the competition

1.4.3. The company's internal strenghts and weaknesses

1.5. 5. Implement Strategy

1.6. 6. Evaluate Progress

2. Strategy formulation is the process by which an organization chooses the most appropriate courses of action to achieve its defined goals.

3. Corporate Strategy

3.1. The overall scope and direction of a corporation and the way in which its various business operations work together to achieve particular goals.

3.2. Requisites of successful corporate strategy

3.2.1. assets

3.2.2. skills

3.2.3. Technologies

3.2.4. Capabilities

3.3. Broad types

3.3.1. Vertical Integration

3.3.1.1. Full versus Partial Integration

3.3.1.2. Backward Integration

3.3.1.3. Forward Integration

3.3.2. Related diversification

3.3.2.1. Focus on Internal Development

3.3.2.2. Building mutually reinforcing businesses

3.3.2.3. making distinctive competence hard to imitate and durable

3.3.2.4. Ensuring mangerial fit

3.3.3. Unrelated diversification/ Conglomerates