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Therefore, every decision/action made in the organization should directly or indirectly contribute to the corporate objectives in the strategy, directly or indirectly.If the importance of corporate strategy isn't yet clear, let's make sure it is - every organization needs a corporate strategy.A large Bank is a prime example of an organization selling multiple services in different industries, with business units in corporate banking, wealth management, risk management, and capital raising to name a few.
You don't have to wait until your business grows to a certain size to 'get strategic'.
You want to be conscious of where you are as a business so you can develop your strategy in a way that it fits and grows with your organization.
No organization is too small nor large to define what they want to achieve, and how they will do it.
Here at Cascade, we've used our own strategic planning and execution software to create our corporate strategic plan.
At the functional level of strategy, decisions made by employees are often described as tactical decisions.
They are concerned with how the various functions of an organization contribute to the other strategy levels.
Your marketing strategy, finance, IT, operations and other departments, all have goals and responsibilities to deliver and having a visible functional level of strategy that aligns back to the overall corporate strategy, will increase the chances of success.
In this scenario, having a functional level is just as important (sometimes more so).
Take a look below: The business-level strategy is the second tier in the strategy hierarchy.
Sitting under the corporate strategy, the business strategy is a means to achieve the goals of a specific business unit in the organization.