What Is a Strategy?

​A strategy is a fundamental pattern of present and planned objectives, resource deployments, and interactions of an organization with markets, competitors, and other environmental factors.

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The Components of Strategy

1. Scope. The scope of an organization refers to the breadth of its strategic domain—the number and types of industries, product lines, and market segments it competes in or plans to enter.

2. Goals and objectives. Strategies also should detail desired levels of accomplishment on one or more dimensions of performance

3. Resource deployments. Every organization has limited financial and human resources.

4. Identification of a sustainable competitive advantage. One important part of any strategy is a specification of how the organization will compete in each business and product- market within its domain

5. Synergy. Synergy exists when the firm’s businesses, product-markets, resource deploy- ments, and competencies complement and reinforce one another.

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The Hierarchy of Strategies

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Corporate Strategy

•The primary focus of corporate strategy are decisions about the organization’s scope & resource deployments across its divisions or businesses.

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•The essential questions at this level include:

1. What business(es) are we in?

2. What business(es) should we be in?

3. What portion of our total resources should we devote to each of these businesses to achieve the organization’s overall goals and objectives?

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Corporate Strategy

•Attempts to develop and maintain distinctive competencies at the corporate level focus on generating superior human, financial, and technological resources; designing effective organizational structures and processes; & seeking synergy among the firm’s various businesses.

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Business Level Strategy

How a business unit competes within its industry is the critical focus of business-level strategy

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•A major issue in a business strategy is that of sustainable competitive advantage.

1. What distinctive competencies can give the business unit a competitive advantage?

2. Which of those competencies best match the needs and wants of the customers in the business’s target segment(s)?

3. How many and which market segments to compete in and the overall breadth of product offerings and marketing programs to appeal to these segments.

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Marketing’s Role in Formulating & Implementing Strategies

•The primary strategic responsibility of any manager is to look outward continuously to keep the firm or business in step with changes in the environment.

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•Consequently, they not only are responsible for developing strategic plans for their own product-market entries, but also are often primary participants and contributors to the planning process at the business and corporate levels as well.

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