Reference no: EM133291867

Assignment:

Strategy formulation: After conducting an analysis of the internal and external environment, a company has to formulate the best course of action to realize its goals and vision. It has to decide how to procure the required resources and prioritize the challenges and obstacles the company is likely to face in order of their importance to the company's success. Strategies are generally formulated at three different levels:

•Business-level strategy: This strategy outlines how a product of a business will compete within a market or an industry segment. For example, a Volkswagen is sold in different countries at different prices. That's one product being sold in different markets using different strategies. Business-level strategies are the narrowest among the three and help define specific actions that can be implemented to fulfill goals and the larger vision of a business.

•Corporate-level strategy: At the corporate level, senior executives choose the markets to enter at the national level, the target customer segments, and the products to sell in each market. Mergers and acquisitions are guided by strategies at this level.

•Global/International strategy: Strategies at the global level answer questions such as which new global markets to enter and how to penetrate the markets. It also answers questions as to how far product diversification should be carried out?