Answer to Question 1
Answer:
a. Corporate Strategy - This strategy determines what businesses a company is in or wants to be in, and what it wants to do with those businesses. It is based on the mission and goals of the organization and the roles each business unit of the organization will play. It also helps top managers decide what to do with the businesses: grow them, keep them the same, or renew them.
b. Competitive Strategy - This is a strategy for how an organization will compete in its businesses. For a small organization in only one line of business or the large organization that has not diversified into different products or markets, its competitive strategy describes how it will compete in its primary or main market. For organizations in multiple businesses, however, each business will have its own competitive strategy that defines its competitive advantage, the products or services it will offer, and the customers it wants to reach.
c. Functional Strategy - This is the strategy used by an organization's various functional departments to support the competitive strategy.
Answer to Question 2
Answer: The three main types of corporate strategies are growth, stability, and renewal.
a. Growth - A growth strategy is when an organization expands the number of markets served or products offered, either through its current businesses or through new businesses. Because of its growth strategy, an organization may increase revenues, number of employees, or market share. Organizations grow by using concentration, vertical integration, horizontal integration, or diversification.
b. Stability - A stability strategy is a corporate strategy in which an organization continues to do what it is currently doing. Examples of this strategy include continuing to serve the same clients by offering the same product or service, maintaining market share, and sustaining the organization's current business operations. The organization does not grow, but does not fall behind, either.
c. Renewal - When an organization is in trouble, something needs to be done. Managers need to
develop strategies, called renewal strategies, that address declining performance. The two
main types of renewal strategies are retrenchment and turnaround strategies.
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