{"id":964,"date":"2020-09-25T08:58:11","date_gmt":"2020-09-25T15:58:11","guid":{"rendered":"http:\/\/themanwhosoldtheweb.com\/blog\/?p=964"},"modified":"2020-09-25T08:58:12","modified_gmt":"2020-09-25T15:58:12","slug":"are-you-able-to-differentiate-between-general-corporate-and-competitive-strategy","status":"publish","type":"post","link":"http:\/\/themanwhosoldtheweb.com\/blog\/2020\/09\/are-you-able-to-differentiate-between-general-corporate-and-competitive-strategy\/","title":{"rendered":"Are You Able to Differentiate Between General, Corporate, and Competitive Strategy?"},"content":{"rendered":"\n<div class=\"wp-block-image\"><figure class=\"alignright\"><img decoding=\"async\" src=\"http:\/\/powerpointing-templates.com\/wp-content\/uploads\/2020\/09\/Chessboard2-300x199.jpg\" alt=\"Chessboard2\" class=\"wp-image-1429\" \/><\/figure><\/div>\n\n\n\n<p>Strategy and execution are the 2 critical elements that drive a business.&nbsp; However, leaders often struggle even with defining\u2014let alone devising and executing\u2014an effective&nbsp;<a href=\"https:\/\/flevy.com\/browse\/stream\/strategy-development\" target=\"_blank\" rel=\"noreferrer noopener\">strategy<\/a>.&nbsp; Many of those who are responsible to deal with it fall short of describing how they typically employ it.&nbsp; This failure takes its roots from the fact that there is no clear path associated with strategy.<\/p>\n\n\n\n<p>Strategy is about making sound decisions about unforeseen problems.&nbsp; It\u2019s about selecting the right options\u2014about matters that are often quite ambiguous today but have great significance in the future\u2014based on thorough contemplation, detailed analysis, and creative ideas.&nbsp; Broadly speaking, strategy encompasses these 3 main elements:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>A vision and direction<\/li><li>A certain position or pattern<\/li><li>A deliberated&nbsp;<a href=\"https:\/\/flevy.com\/strategic-planning\" target=\"_blank\" rel=\"noreferrer noopener\">Strategic Plan<\/a>&nbsp;to achieve strategic goals and vision<\/li><\/ul>\n\n\n\n<p>Great strategists execute their plans, analyze the results, evaluate their actions, and perform course correction based on the outcomes.&nbsp; They are not afraid of even revamping their approach entirely. &nbsp;Senior leaders should clarify their understanding of the concept of strategy and draw attention to the importance of differentiating between the&nbsp;<a href=\"https:\/\/flevy.com\/browse\/flevypro\/the-3-distinctions-of-strategy-5251\" target=\"_blank\" rel=\"noreferrer noopener\">3 distinct types of strategies<\/a>&nbsp;before formulating their own course of action:<\/p>\n\n\n\n<ol class=\"wp-block-list\"><li><strong>General Strategy<\/strong><\/li><li><strong>Corporate Strategy<\/strong><\/li><li><strong>Competitive Strategy<\/strong><\/li><\/ol>\n\n\n\n<figure class=\"wp-block-image\"><a href=\"https:\/\/flevy.com\/browse\/flevypro\/the-3-distinctions-of-strategy-5251\" target=\"_blank\" rel=\"noreferrer noopener\"><img decoding=\"async\" src=\"https:\/\/flevy.com\/blog\/wp-content\/uploads\/2020\/09\/3-Distinctions-of-Strategy.png\" alt=\"\" \/><\/a><\/figure>\n\n\n\n<p>Let\u2019s delve deeper into the 3 types of strategy.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>General Strategy<\/strong><\/h3>\n\n\n\n<p>General Strategy indicates how a specific objective will be achieved, with well-thought-out plans.&nbsp; The focus of this type of Strategy is on ends (objectives and results) and means (the resources we have to achieve the objectives). &nbsp;Strategy and tactics combined bridge the gap between ends and means; where Strategy deals with deploying the resources at our disposal while tactics govern their utilization.&nbsp; A pattern of decisions and actions marks progress from the starting point to achievement of objectives in General Strategy.<\/p>\n\n\n\n<p>Senior executives need to deliberate on the following questions before devising their General Strategy:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>What do we do?<\/li><li>Why are we here?<\/li><li>What kind of business are we?<\/li><li>What kind of business do we want to become?<\/li><li>What is our purpose? What are the results we seek?<\/li><li>What is our existing Strategy, is it explicit or tacit?<\/li><li>What Strategy and plans may bring about the results we want?<\/li><li>What resources we have at our disposal?<\/li><li>Are there any constraints in terms of resources that limit our actions?<\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Corporate Strategy<\/strong><\/h3>\n\n\n\n<p><a href=\"https:\/\/flevy.com\/business-toolkit\/corporate-strategy\" target=\"_blank\" rel=\"noreferrer noopener\">Corporate Strategy<\/a>&nbsp;describes what a company does, the purpose of its existence, and what it aims to become.&nbsp; Corporate Strategy focuses on choices and commitments concerning the markets, business, and the organization.&nbsp; Corporate Strategy classifies the markets and the businesses in which a company will operate. &nbsp;This type of strategy is typically decided in the context of defining the company\u2019s mission and vision.<\/p>\n\n\n\n<p>A detailed assessment of the existing strategy, market, competition and environment is critical for devising the Corporate Strategy.&nbsp; Strategists indicate that there are critical elements that should be factored in while formulating Corporate Strategy.&nbsp; These elements include product or service offerings, resources, marketing and sales approaches, manufacturing capabilities \/ capacity, customers, distribution channels, technology, type of market and its requirements, and revenue and profit goals.<\/p>\n\n\n\n<p>While formulating Corporate Strategy, senior executives should consider and seek answers to the following questions:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>What is our existing Corporate Strategy?<\/li><li>Is our Corporate Strategy explicit or tacit?<\/li><li>What are the critical assumptions that make our existing strategy viable?<\/li><li>What is going on in the market\u2014in terms of social, political, technical and financial environment?<\/li><li>What do we seek to accomplish in terms of our growth, size, and profitability targets?<\/li><li>What markets we are eyeing to compete in?<\/li><li>What businesses we intend to operate in?<\/li><li>What locations and geographies will we compete in?<\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Competitive Strategy<\/strong><\/h3>\n\n\n\n<p>Competitive or Business Strategy specifies for an enterprise the core reason on which it contests its rivals. &nbsp;It depends on an organization\u2019s competences, advantages, and disadvantages compared to the market and the rivals.<\/p>\n\n\n\n<p>Interested in learning more about the&nbsp;<a href=\"https:\/\/flevy.com\/browse\/flevypro\/the-3-distinctions-of-strategy-5251\" target=\"_blank\" rel=\"noreferrer noopener\">General, Corporate, and Competitive Strategies<\/a>? You&nbsp;can download&nbsp;<a href=\"https:\/\/flevy.com\/browse\/flevypro\/the-3-distinctions-of-strategy-5251\" target=\"_blank\" rel=\"noreferrer noopener\">an editable PowerPoint on The 3 Distinctions of Strategy here&nbsp;<\/a>on the&nbsp;<a href=\"https:\/\/flevy.com\/browse\" target=\"_blank\" rel=\"noreferrer noopener\">Flevy documents marketplace<\/a>.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Are you a Management Consultant?<\/strong><\/h3>\n\n\n\n<p>You can download this and hundreds of other&nbsp;<a href=\"http:\/\/flevy.com\/pro\/library\/frameworks\" target=\"_blank\" rel=\"noreferrer noopener\">consulting frameworks<\/a>&nbsp;and&nbsp;<a href=\"http:\/\/flevy.com\/pro\/library\/consulting\" target=\"_blank\" rel=\"noreferrer noopener\">consulting training guides<\/a>&nbsp;from the&nbsp;<a href=\"http:\/\/flevy.com\/pro\/library\" target=\"_blank\" rel=\"noreferrer noopener\">FlevyPro library<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Strategy and execution are the 2 critical elements that drive a business.&nbsp; However, leaders often struggle even with defining\u2014let alone devising and executing\u2014an effective&nbsp;strategy.&nbsp; Many of those who are responsible to deal with it fall short of describing how they typically employ it.&nbsp; This failure takes its roots from the fact that there is no [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":966,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[675,676,679,455,218,397,678],"class_list":["post-964","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized","tag-business-strategy","tag-corporate-strategy","tag-general-strategy","tag-mission","tag-strategic-objectives","tag-strategic-planning","tag-vision"],"_links":{"self":[{"href":"http:\/\/themanwhosoldtheweb.com\/blog\/wp-json\/wp\/v2\/posts\/964","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/themanwhosoldtheweb.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/themanwhosoldtheweb.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/themanwhosoldtheweb.com\/blog\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"http:\/\/themanwhosoldtheweb.com\/blog\/wp-json\/wp\/v2\/comments?post=964"}],"version-history":[{"count":1,"href":"http:\/\/themanwhosoldtheweb.com\/blog\/wp-json\/wp\/v2\/posts\/964\/revisions"}],"predecessor-version":[{"id":965,"href":"http:\/\/themanwhosoldtheweb.com\/blog\/wp-json\/wp\/v2\/posts\/964\/revisions\/965"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/themanwhosoldtheweb.com\/blog\/wp-json\/wp\/v2\/media\/966"}],"wp:attachment":[{"href":"http:\/\/themanwhosoldtheweb.com\/blog\/wp-json\/wp\/v2\/media?parent=964"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/themanwhosoldtheweb.com\/blog\/wp-json\/wp\/v2\/categories?post=964"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/themanwhosoldtheweb.com\/blog\/wp-json\/wp\/v2\/tags?post=964"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}