BUSINESS ADMINISTRATION
PRINCIPLES AND PRACTICE OF MANAGEMENT
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
firm-level strategy
|
|
|
vision
|
|
|
portfolio strategy
|
|
|
industry-level strategy
|
|
|
corporate-level strategy
|
Detailed explanation-1: -Corporate-level strategy is the overall organizational strategy that addresses the question “What business or businesses are we in or should we be in?” Portfolio strategy is a corporate-level strategy that minimizes risk by diversifying investment among various businesses or product lines.
Detailed explanation-2: -An organisational strategy is a long-term strategic plan that roadmaps the route towards a company’s goals and visions. Often, they encompass goals for the next three to five years – enough time to action plans and see results but short enough that all staff are motivated to reach the goals.
Detailed explanation-3: -Business and corporate-level strategies differ primarily in their objectives. A business strategy focuses on competing in the marketplace, while a corporate strategy focuses on business growth and profits. Corporate strategies function at a higher level than business strategies.
Detailed explanation-4: -Several components are involved in developing a comprehensive corporate strategy. The four most widely accepted key components of corporate strategy are visioning, objective setting, resource allocation, and prioritization.