Introduction
Why is Strategy important?
It is important to have strategies in order to align decision making in the business.
Strategy is about making choices: WHAT to do and what not to. It is also about HOW to do it, how are you going to make it differently. Strategy is about how resources should be allocated to accomplish the goals.
Two levels:
- Corporate Level Strategy: WHERE (vertical integration / geography / product diversification)
- Business Level Strategy: HOW to compete in that industry (determine your competitive advantages)
How is strategy made?
- Intended (top-down)
- Emerged (bottom-up)
- Realized: the actual one which has been implemented; strategy is constantly adjusted and revised in the light of experience – strategy changes.
Tags: business level strategy, business strategy, Business Strategy, corporate level strategy