Strategy Management Service

Strategy management is the process of drafting, implementing and evaluating cross-functional decisions that will enable an organization to achieve its long-term objectives. It is the process of specifying the organization’s mission, vision and objectives, developing policies and plans which are designed to achieve these objectives, and then allocating resources to implement these policies. Strategy management is an ongoing process that evaluates and controls the business and the industries in which the company is involved. It involves assessment of competitors and developing goals and strategies to outperform all existing and potential competition. Each strategy then needs to be regularly re-assessed to determine how it has been implemented and whether it has succeeded or needs replacement by a new strategy to meet changed circumstances such as new technology, new competitors or a new economic or political environment.

Strategy management is a combination of three main processes: strategy formulation, strategy implementation and strategy evaluation. In most large corporations there are several levels of management. Strategy management is the highest of these levels in the sense that it is the broadest (i.e. applying to all parts of the company) while also incorporating the longest time horizon. It gives direction to corporate values, corporate culture, corporate goals and corporate missions. Under this broad corporate strategy there are typically business-level competitive strategies and functional unit strategies.

  • Corporate strategy refers to the overarching strategy of the diversified firm. Such a corporate strategy answers questions like “which businesses should we be in?” and “How does being in these businesses create synergy and/or add to the competitive advantage of the corporation as a whole?”.
  • Business strategy refers to the aggregated strategies of a single-business firm or a strategic business unit in a diversified corporation. Strategy models often advocate that a firm must formulate a business strategy that incorporates either cost leadership, differentiation or focus in order to achieve a sustainable competitive advantage and long-term success in its chosen industries.
  • Functional strategies include marketing strategies, new product development strategies, human resource strategies, financial strategies, legal strategies, supply-chain strategies and information technology management strategies. The emphasis is on short and medium term plans and is limited to the domain of each department’s functional responsibility. Each functional department attempts to do its part in meeting overall corporate objectives and hence to some extent their strategies are derived from broader corporate strategies.

Twenty20 Consulting Ltd can support companies in the development and evaluation of strategies at each of these levels. This includes market analysis and competitive intelligence research that is often the starting point of these activities.

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    New Twenty20 Consulting Website Launched

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  • May 31st, 2009

    Elsevier Launches Health Sciences E-Book Content on ScienceDirect

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