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What is corporate-level strategy, and why is it important? Strategy is a guided approach. It’s answering the questions, where will we play and how do we win? We need to know what markets we are competing in and how to differentiate. To answer these questions, we utilize three approaches: degree of shift, organization-wide strategies, and growth strategies.

In the planning process, determining your degree of shift matters because you need to know where you want the organization to be in the future. What does the future direction of the company look like? Is it similar to where you are today, or will it be completely different? We measure this by deciding whether your changes need to be incremental, substantive, or transformational.

Organization-wide strategies are overarching and answer the question, how will we win? The three ways we answer this question include:

1. Lowest total cost = scale (need to have the lowest price with decent quality and selection)
2. Product/service leadership = speed (need to be first to market and have superior quality)
3. Customer intimacy = scope (choosing a specific target market with specific needs to serve. Must maintain excellent customer relationships and exceptional service)

To utilize this strategy, you’ll need to lead and compete on one of these and be good at the remaining two.

Growth strategies answer the question, where will we play? The four growth strategies are market penetration, market development, product development, and diversification. Unlike organization-wide strategies, you can execute more than one growth strategy.

Now that you understand what corporate-level strategy is, learn more on our website about how to help your organization succeed.

More information is available at https://www.OnStrategyHQ.com

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