Institute of Chartered Accountants of India – ICAI
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Institute of Chartered Accountants in England and Wales – ICAEW
Chartered Institute of Management Accountants – CIMA
#Business management strategy
#Business management planning
#Business management plan
Levels of strategy
It is usual to analyse strategy into a hierarchy of different levels. Johnson, Scholes and Whittington identify three levels of strategy:
business strategy; and
The elements of corporate strategy are as follows:
Deciding the purpose of the entity.
Deciding the scope of the activities of the entity.
Matching the chosen business activities to the external environment of the entity and also to its available resources.
Matching the purpose and activities of the organisation to the expectations of its owners.
Matching the purpose and activities of the organisation to the expectations of other stakeholders in the organisation.
Business strategy or competitive strategy
It is concerned with how each business activity within the entity contributes towards the achievement of the corporate strategy.
According to Porter, a successful competitive strategy must be based on either:
cost leadership, or
Functional strategy relates to particular functions within an organisation, such as manufacturing, distribution, marketing and selling, research and development, accounting, IT and so on.
The purpose of functional strategy should be to support the business strategies and corporate strategy of the organisation.
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