The process of strategic management involves different kinds of strategies to help business managers to make decisions on what to do and when to do it, also keeping a focus on the overall trajectory of business decisions. Online programs in strategic management give rich exposure to state of the art themes in business strategy and their real-world applications in modern digital business ecosystems.
IIM online programs in strategic management offer a certificate of completion and include valuable on-campus learning components. Effective strategy formulation is the hallmark of dynamic business leaders. Online programs in strategic management are tailored to cover the relevant course content with the right management tools to anticipate business changes and innovating organizational activities on the right path.
The different kinds of strategies are classified into:-
- Competitive Strategy
This is a primary strategy in strategic management that refers to a plan which amalgamates the clout of the external situation and the combinative concerns of an organization’s personal status. Deriving a competitive advantage against competitors in the marketplace is the heart of this strategy. This strategy aims to create market uniqueness that can lead to a sustainable competitive advantage. Few examples of competitive strategies are low-cost strategy, contrast strategy, and market-niche strategy.
Also Read: What is the Concept of Strategic Management?
- Corporate Strategy
This encompasses the long term objectives of the organization and typically influences all the business units of a particular organization. This strategy is formulated at the top echelons of the senior management in a diversified company. Corporate strategy particularly focuses on diversification, horizontal integration, and vertical integration of different products, business operations, and marketing processes of an organization. Some examples of Corporate strategy are growth strategy, consolidation strategy, and global strategy.
- Business Strategy
This type of strategy is formulated at the business-unit level. It concentrates on increasing the competitive position of the company’s products and services. Strategic managers use this strategy to devise action plans and quick adaption to the use of a company’s resources. IIM online programs in strategic management give rich insights on the business strategy which includes innovation, product development, integration, and market development.
Also Read: Understanding The Basics Of Strategic Management
- Functional Strategy
This strategy adopts a technique that points to specific functional areas of a business organization. The core mantra of this strategy is to accomplish business objectives by maximizing resource productivity. It can also be termed as a short-term game plan for a vital functional area in a company. A functional strategy facilitates coordination between objective planning for specific functions and resource allocation for diverse operations within the functional domain.
- Operating Strategy
This strategy gives shape to the organization’s operating units. It incorporates the whole spectrum of decisions which gives form to the long-term operational capabilities and their contribution to the comprehensive strategy. Development of core competencies and competitive priorities with special reference to product and service development form the crux of operating strategy.
Final Thoughts
These different kinds of strategies allow firms to take the lead in innovation which will open up new business opportunities. Online programs in strategic management help strategic managers to envision clear objectives to employees and provide enterprise unity.
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