Components of Corporate Strategy

Corporate strategy consists of the decisions made by top management and the resulting actions taken to achieve the objectives set for the business.

1)Scope,Mission,Strategic intent: Management's vision defines what the corporation is and what it does and provides important guidelines for managing and improving the corporation.Strategic choices about where the firm is going in the future choices the take vision of the enterprise.Developing strategies for sustainable competitive advantage,implementing them,adjusting the strategies to respond to new environmental requirements is a continuing process.

2)Corporate objectives: Corporate objectives indicate the dimensions of performance upon which to focus and levels of achievement required.

3)Strategy: Corporate strategies are concerned with how the company can achieve its growth objectives in current or new business areas.

4)Resource allocation: Resource allocation addresses the division of limited resources across business and opportunities.

5)Synergies: Synergies highlight competencies,resources and capabilities that drive efficiency and effectiveness in the business.

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