At least three different definitions of strategy as it applies to business.
Your own, original diagram showing the different levels of strategy within an organisation.
A brief description of what factors could impact strategy at each level of an organisation that you identified in your diagram.
1. Strategy as a plan of action designed to achieve a specific goal or objective. This could include a detailed outline of steps to take to reach a desired outcome, taking into account factors such as resources, market conditions, and competition.
2. Strategy as a high-level plan or direction set by top management to guide the overall direction of the organization. This could involve setting goals, allocating resources, and making decisions about which markets to enter or exit.
3. Strategy as a pattern of decisions and actions that shape an organization's long-term goals and objectives. This could include a company's approach to innovation, customer service, cost leadership, or differentiation.
In my diagram, I have identified three levels of strategy within an organization: corporate strategy, business unit strategy, and functional strategy.
- Corporate strategy: Factors that could impact strategy at this level include industry trends, market conditions, competitor actions, and changes in the regulatory environment. Additionally, internal factors such as organizational culture, leadership style, and resource allocation could also impact corporate strategy.
- Business unit strategy: Factors that could impact strategy at this level include customer needs and preferences, market demand, pricing pressures, and technology advancements. Additionally, competition within specific markets, supply chain disruptions, and changes in consumer behavior could also impact business unit strategy.
- Functional strategy: Factors that could impact strategy at this level include operational efficiencies, technological capabilities, talent acquisition and retention, and supply chain management. Additionally, changes in production processes, market trends, and distribution channels could also impact functional strategy.