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A large Bank is a prime example of an organization selling multiple services in different industries, with business units in corporate banking, wealth management, risk management, and capital raising to name a few.Each of these business units would have distinct goals, and a distinct business strategy to achieve these goals.No organization is too small nor large to define what they want to achieve, and how they will do it.
A corporate strategic plan will generally encompass: The corporate strategic plan decides the markets the organization should compete in, which then directs the creation of business unit level strategy and the functional-level strategies.
These strategies, in turn, will guide the downstream decisions made by employees of all levels.
Your marketing strategy, finance, IT, operations and other departments, all have goals and responsibilities to deliver and having a visible functional level of strategy that aligns back to the overall corporate strategy, will increase the chances of success.
In this scenario, having a functional level is just as important (sometimes more so).
These functions can include marketing, finance, manufacturing, human resources and more.
Functional strategy deals with a fairly restrictive plan, giving the objectives for each specific function.
One thing to note, implementing this strategy level is only useful for organizations with multiple business units.
An organization with multiple business units may sell products as well as services or may sell multiple products/services in different industries.
We're going to discuss 3 key strategy levels, how they differentiate and provide some context on how to use them: Corporate strategies are the ‘top’ level of strategy in an organization.
The corporate strategy will define the overall direction the organization will move in and the high-level plans of how.