Strategy provides businesses with the direction needed to undertake activities towards achieving organizational goals. Placement of a specific service business along the spectrum may be difficult, but two general observations may ease the difficulty: (1) as service businesses evolve, they often move along the spectrum from people-based to equipment-based or vice versa, and (2) many companies are in more than one type of service business.
A strategic approach to hiring, retaining and deploying talent is increasingly being recognized as the cornerstone of modern business success—though developing and executing a strategy that effectively uses an organization’s people to help it navigate change and evolving goals is easier said than done.
Technology-related vulnerabilities in products such as medical devices, automobiles, and thermostats—or even in systems such as business applications or the power grid—can lead to product failure or injuries or be exploited to gain access to customer data or systems.
Corporate level: Planning at this level should provide overall strategic direction for an organization, sometimes referred to as the “grand strategy.” This is a concise statement of the general direction which senior leadership intends to undertake to accomplish their stated mission or vision.
Final words, the choice of strategies as well as their implementation is crucial for business firms since the choice of strategy will help the firm in achieving sustainable competitive edge and it would also assist in long and short-term business decisions.