Question

Identify 4 strategies the company can put in to place (avoid functional strategies, include corporate and business strategies

Answer 1

First of all let's understand what is strategy

Strategy is a future course of action or a method undertaken to the achieve the goals of an organisation in the most effective way it tells the the best path to be undertaken for the desired outcome .

Corporate strategy means the best set of activities planned by the business enterprise to achieve the goals.it includes overall company vision,objectives, Resource allocation,selecting of the best inputs.In short it is the best plan or method opted by company for excellent performance

Four strategies the company can put into place are as follows

• Horizontal integration -In this one business combines with the another business in the similar industry Suppose if the Adidas brand of shoes wants to combine with Nike brand of shoes than it will be a horizontal integration.it happens when a company wants to have economies of scale or want to reduce competition trying to expand the market
• Vertical integration-it means one business unit combines with the suppliers and distributors just to have a control over the supplies to have a cost advantage and control power.
• Expansion strategy_-when a firm wants to grow in other aspects and units they could opt this kind of strategy it is done to make business more bigger in size then if company identifies opportunities in other business units and these units are profitable and promising they can finally go for this strategy.
• Retrenchment strategy - this involves partial or total withdrawal from certain businesses or products this is done to redefine the areas and to do better in terms of performance so that a company can become more promising.