Corporate strategy is an assessment of how well management reacts to its business environment.There are five stages to corporate strategy according to Thompson, Strickland & Gamble (2019). These are developing a vision, setting objectives, crafting a strategy, executing the strategy, and monitoring and making adjustments along the way. “top management’s views about the company’s long-term direction and what product-market-customer business mix seems optimal for the road ahead constitute a strategic vision for the company” (Thompson, Strickland & Gamble, 2019, p.23).Once the vision of the company is set, objectives on how to reach to vision are put together, followed by creating a strategy to meet the objectives. After a strategy is conceived, it must be executed from top to bottom. This is where all the noise comes. At the lower levels, there are many forces pushing and pulling the company one way or another. Because of this, the company must monitor their course and adjust along the way.Corporate strategy is not a one-time effort, it is an ongoing process. The analogy of a ship is often used, and it fits perfectly. A ship may have a vision to go from Europe to New York, but along the way, the tides shift, and storms may alter to course, which means the captain must make corrections along the way to realize the vision or goal.
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