Describe the business level strategies such as corporate strategies, business strategies and functional strategies with each company example.
What are the risk of these strategies ?
Corporate strategy is mainly related to the manner in which different organization formulates their value across various businesses. In the formulation of these strategies, a valuable combination of resources has to be devoted, develop the business portfolio, creating an organizational structure, system and different corporate functions in order to share different activities or transfer different skills all over the business. The main consequence of corporate strategy is that it has a limited scope of the firm. The corporate strategy requires commitments, decision, and initiatives which are required for an organization to accomplish strategic competitiveness and gain the above average returns.
Example:- The company which is manufacturing healthcare products targets to the customers having some specific health-related issues for example diabetics.
Risk:- The main risk of this strategy is that the company can end up allocating its valuable resources to those industries which have already saturated or in future, the growth seems to be a question mark. At the same time, the company can have the risk of not managing different operations efficiently.
Business strategy can be defined as the working plan of any organizations in order to accomplish its visions, priorities, and goals, dealing with the competition effectively and optimizing the financial performances with the prevailing business model. There are mainly four types of business strategies which are growth, product differentiation, price skimming and acquisition strategy
Example:- Samsung is continuously adding new features to its mobile phones or trying to come up with the innovative technology in order to gain the greater maker share.
Risk:- The main risk of these strategies is that the organization has to invest a lot of capital in R&D and being ready to face the competition. Sometimes the companies can invest a huge amount of resources towards the development of innovations which do not have the potential to earn greater returns.
A functional strategy of any organization is mainly developed for a certain strategy and it is mainly implemented to support the other corporate and business strategies. These are the strategies which are made of each individual functional department of the organization such as marketing, production, finance, human resources and so on and these must be in line with the organization’s core strategy.
Example:- Marketing department can have the strategy to increase the coverage of the organization by opening new stores in rural areas.
Risk:- Sometimes, the focus on these strategies can be so intense that it does not fulfill or add the corporate strategies.
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