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Monday, June 16, 2014

Define Levels of Strategic Planning

Strategic planning is important concept in strategic managment. Strategies exist at different levels among organizations.

Levels of Strategic Planning

Corporate Level Strategy - Corporate strategy includes all the objectives and scope ot the organization to satisfy stakeholders expectation. It is a essential level since it is to a great extent affected by investors in the business and acts to guide strategic decisions across the enterprise.

Business Unit Level Strategy -
It is responsible for how a business competes successfully and beating rivals in its particular market. Aat this level competitive strategy is usually formulated. These are strategic decisions on the choice of products, satisfying customer needs, gain an advantage over competitors, exploiting or creating new opportunities, etc.

Functional Strategy (Departmental Level or Operational Strategy) -
It focuses on how every part of business is organized to present the corporate and also business-unit level strategic path. Strategy of the functional areas like marketing, financial, productive and human resources are based on the functional capabilities of an organization. For each functional area, first major sub-areas are identified and then for each of these sub functional areas, functional content strategies, important factors, and its importance in the process of implementing the strategy is identified.

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