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A response please and no more than 180 words with internet reference only. Thank you The corporate strategy provides the vision and direction organizations need in order to fulfill their missions. Str
A response please and no more than 180 words with internet reference only. Thank you
The corporate strategy provides the vision and direction organizations need in order to fulfill their missions. Strategic plans must then layout the corporate agenda for accomplishing that strategy. The corporate strategy reflects the degree to which a company can expand and determine the right pathway to success. The key function of corporate strategy is to help executives use it for goal achievement. Vision is the core of leadership and is at the heart of the strategy. The leader’s job is to create the vision for the enterprise in a way that will engage both the imagination and the energies of its people. Corporate leaders are responsible for unleashing organizational energy and guiding it towards the accomplishment of key strategic goals (Joe, 2013).According to Michael Porter (1996), the essence of strategy is choosing what not to do and this is the responsibility of business leaders. Leaders must ask the question, “How are we as a firm going to employ our resources to achieve our goals?” Taking a strategic position means accepting that there will be trade-offs with other positions. It also means choosing what not to do, as well as what to do, because no company can compete successfully in every business segment featuring every variation of product or service. It is the leader’s responsibility to define the company’s strategic position and make the trade-offs. Instead of broadening into every segment in which profits may be earned, the leader focuses the company on deepening its strategic position and communicates the strategy externally to customers who value it, as well as internally to the firm. Taking a strategic position that delivers value and communicating that value inside and out are the core leadership tasks in crafting strategy (James and Jack 2010)But crafting strategy is not all top-down. According to Gary Hamel (1996), the leader should make sure that three kinds of people participate in strategy-making: the young, those who are new to the firm, and those on the “periphery,” because they are the ones together with those picked up in the diagonal slice who are certain to have the most revolutionary ideas for the business.Only solid strategic execution can keep a company in a competitive arena. Business managers are the core of strategy execution. Managers are the principal owner of the Strategy Execution in their department or team. They act as the bridge between organizational levels - leaders and employees. Managers play a vital role in strategy execution such as creating an appropriate organizational culture and providing an adequate interpretation of the strategy.