Strategic Management Core Concepts Report - Business Strategy

This report delves into the core concepts of strategic management, addressing key questions from an assignment. It begins by defining strategy and exploring its various elements, as well as the process of strategic management. The report then examines the purpose of strategy, clarifying th...Read More

Core Concepts

Table of Contents
TASK 1 ...........................................................................................................................................3
TASK 2............................................................................................................................................3
TASK 3............................................................................................................................................4
TASK 4............................................................................................................................................5
REFERENCES................................................................................................................................6
Books and Journal ......................................................................................................................6

TASK 1
Strategy
Strategy can be characterized as a plan of action that is incorporated by the management
of an organisation in order to accomplish the goals and objectives of the same in the long run. It
can be termed as a specific direction that is set out by an enterprise and its respective elements
so as to realise the goals of the company effectively and efficiently. It is a process of facilitating
integration in the organisational operations and activities (Fraser, 2019). It involves the effective
allocation and capitalisation of the resources available with the company in order to meet the
concerned objectives of the business organisation.
Three major elements of strategy definition are listed below :-
The long term : The implementation of long term focus and perspective is very essential
for the company as it ensures the involvement of three horizon framework wherein an
organisation is required to operate three types of business operations and activities. The horizons
are determined in respect with the years.
Strategic direction : The strategies formulated by the organisation are provided with a
long term direction so that they are aligned and directed towards a predetermined path in order to
achieve the goals set by the company within the time phrase assigned to the same (Johnson and
et. al., 2017).
Organisation : The organisation comprises of internal and external variables which
encompasses together in order to establish the organisation as whole. While formulating a
strategy, the internal as well as external components of organisations needs to be taken into
consideration so as to identify the effect of the strategy on the same.
Strategic Management
Strategic management is the systematic process which provides assistance to the mangers
of the concerned organisation to formulate, analyse and implement and monitor the
organisational strategies in order to enhance the productivity as well as overall performance of
the business enterprise.

TASK 2
Purpose of Strategy
The major purpose of strategy development is to position the organisation's aims and objectives
in a direction which allows the organisation to enhance its focus and concentration on the
accomplishment of the target set by the company in order to gain advantages in the market
environment (Kupferschmidt and Cohen, 2020).
Mission Statement
Missions statement is designed by a business enterprise to determine the existence of the
business as well as the company's objectives.
Vision Statement
Vision Statement can be characterised as a statement that communicates and details about the
future aspirations of a business enterprise. It is referred to the desired outcomes that he business
enterprise would like to achieve in the future run.
Corporate Values
Corporate Values highlights upon the culture, ethical motives and beliefs adopted by the
company so as to operate and sustain the business environment.
Objectives
Objectives can be described as the derivatives incorporation of which can lead to the
achievement of the short and long term goals of the business enterprise. It can be termed as the
measurable steps and action an individual working in the organisation needs to undertake in
order to achieve the goals of the respective company(Yuan and et. al., 2020).
TASK 3
Levels of Strategy
Corporate level strategies can be characterised as a plan formulated in order to acquire
advantages and benefits in the market environment. It can be termed as the top management's
plan of action for the achievement of the goals set out for the respective company.

Business level strategies highlights upon the ways in which the business organisations
can co exist and compete in their respective industry. These strategies provide assistance in
overcoming the concerns pertaining to the creativity and innovation in the business, size and
scale of the business unit and retaliation strategies in respect to the competitors.
Functional level strategy may be termed as the goals allotted to the numerous
departments that provide assistance in the accomplishment of the corporate and business level
strategy. It can be determined as the results that a company would like to attain from the day to
day activities of the concerned departments (Yuliansyah, Gurd and Mohamed, 2017).
TASK 4
How could strategy work and focus of strategic analysis differ in small firms vs. multinational
corporations?
In small business firms the choices relating to the selection of strategies are limited and
narrowed. Small firms suffers from inadequate finances while acquisition of the important
resources in order to facilitate the further implementation of the strategy whereas in
multinational corporations there is a wider scope for selection and implementation of innovative
strategies. The multinational companies will face issues relating to the culture and diversity of
different countries it operates in. A broad assessment of the business environment will be
required in order to formulate the strategies for the multinational companies.

REFERENCES
Books and Journal
Fraser, J., 2019. Creating shared value as a business strategy for mining to advance the United
Nations Sustainable Development Goals. The Extractive Industries and Society, 6(3),
pp.788-791.
Johnson, G. and et. al., 2017. Exploring strategy (No. 11th e). Pearson.
Kupferschmidt, K. and Cohen, J., 2020. Can China's COVID-19 strategy work elsewhere?.
Yuan and et. al., 2020. Business strategy and corporate social responsibility. Journal of Business
Ethics, 162(2), pp.359-377.
Yuliansyah, Y., Gurd, B. and Mohamed, N., 2017. The significant of business strategy in
improving organizational performance. Humanomics.
(Fraser, 2019)(Johnson and et. al., 2017)(Kupferschmidt and Cohen, 2020)(Yuan and et. al.,
2020)(Yuliansyah, Gurd and Mohamed, 2017)