Corporate strategy is a route of decision making that enhances a company’s goals and objectives, creates core policies to be followed, identifies the type of business activities an organization should participate and emphasizes how the firm can attain diversification goals. Throughout the course, I have learned that a company’s corporate strategy acts as a motivator and a constraint on its business units’ overall approaches. In the event when business strategies fail to align with the organization’s corporate strategy, the interactions of specific components of that organization tend to be impossible. Therefore, this course focused on the inextricable relationship between corporate strategy and business strategy by evaluating the significance of vertical integration, diversification of organizations, modernization/ globalization of markets. By examining Apple, LG, and Intel’s corporate strategy, in attempts to achieve horizontal diversification, vertical integration, or global market expansion, I have learned the following lessons. First, for organizations to attain social and economic value from their corporate strategy certain conditions must be met such as competitive, beneficial managerial, and a firm’s systems. They must be coordinated for the company to achieve the potential value of its corporate strategy. The case studies and lectures in this course have also enabled me to comprehend the core concepts of corporate strategy and its practical repercussion to organizations, explore and determine the type of business activities that organizations should compete to achieve its corporate strategy. I have also learned ways to evaluate and identify issues related to corporate strategy and essential tenets that call for special attention, especially during difficult business conditions. Finally, I have examined the management’s crucial resources to develop a feasible and realistic action plan that would solve organizational and strategic issues.
Application of Corporate Strategy to Solve Organizational Issues
The corporate strategy does not only focus on the future of a company. Considering their immediate and long-term consequences, current critical organizational problems facing international organizations such as LG, Apple, Qualcomm, and Intel may often be strategic. These are among the issues we face at work. Therefore, they must be addressed following the strategy of the company. Significant business problems are commonly enmeshed in multiple business procedures, corporate frameworks, and corporate strategy lines (Spear & Roper, 2016). The easy option for appointing a tasking force, a key leader, or a consultant to support an organization’s purpose cannot be the best. Such discrete techniques to problem-solving can distinguish the solution from current or emerging integrated action within the corporate strategic planning. No tension should be created by the current and potential conflict between the operational and the strategic. This conflict reflects a contradiction between solving urgent business concerns, resolving fundamental corporate problems, and other short-term tactical work to be carried out in a flexible strategy that often encompasses significant broad strategic initiatives (Spear & Roper, 2016). Everyone is brought out of the comfort bubble by effective strategic planning process, comprehensive questions their perceptions, and optimizes an impartial priority approach to identify the most suitable strategy and plan sequences for the company’s goal. Of course, certain strategic elements rely on the ability to resolve corporate problems, threats, and vital business concerns, perhaps to lay the groundwork for better returns later on. The fact is that corporate strategy is present too, but in most cases, it is the best path to recognize and deal with real important corporate issues (Spear & Roper, 2016).
Spear, S., & Roper, S. (2016). Storytelling in organisations: supporting or subverting corporate strategy? Corporate Communications: An International Journal.