Business Strategy IAL

Strategic Management

The role of management when setting long-term goals and implementing cross-functional decisions that should enable a business to reach these goals.

Corporate Strategy

A long term plan of action formulated by the board of directors for the whole organisation designed to achieve an organisational objective.

Business strategy

Separate business divisions in large corporations (geographical or product divisions) must form strategies to sustain competitiveness. 

Functional Strategies

These plans are limited to the department’s own functional responsibilities such as marketing strategy or human resources.

Tactics

Short term policy or decisions aimed at resolving a particular problem or meeting a specific part of the overall strategy.

Strategic Analysis

The process of conducting research into the business environment within which an organization operates, and into the organization itself, to help form future strategies.