Corporate Strategy:

Corporate Strategy is a term generally used by large business organizations.  The word `Corporate` means a body politic, or a body of many individuals, i.e. a corporate body or body corporate.  But today Corporate comes to denote a multinational or a large business organization.

Similarly, `strategy` according to The Oxford Dictionary means the `art of management`of an army in a campaign.  It is a military term which has come to be used most commonly in business parlance.

So, Corporate Strategy means a Corporate`s or a Business Organization’s direction it takes with the objective of attaining success in its core business in the long term.

Corporate Strategy is to establish the purpose and scope of the Organization’s activities depending on the nature of the business it is in, the environment, the competition and to do a final analysis of its strategic success through SWOT analysis.

Strategic implementation depends on the structure of the organization, resource planning, the systems in place and the people who work the system. The organization must create the strategic choice by generating options, their valuations, and the right strategies.

In other words, Corporates set their long term and short term goals or objectives and vision by defining their Mission Statements.  A mission statement indicates clearly the company’s objective, values and expectations.

For the implementation of the company’s objectives, the strategies are formulated taking into account both the internal and external factors.

The internal factors include the Board of Directors, Senior Executives, the middle level officers and other employees, the finances, revenues generated, skills, assets, technical competence, strategies, systems, etc.

The external factors include the competition, customers, and the regulatory bodies and their public policies, the economy, the stake-holders, the market conditions, etc.

 In short, Company Strategy is for the management to ask the right questions, however difficult or embarrassing they may be, as to the purpose of the business, why are they here, why this business, and the ability to constantly reinvent and recreate to be innovative to fulfill the need of the customers.