{"id":1061,"date":"2022-04-20T12:04:00","date_gmt":"2022-04-20T10:04:00","guid":{"rendered":"https:\/\/support.centreforelites.com\/strategy-formulation\/"},"modified":"2023-04-14T11:39:03","modified_gmt":"2023-04-14T09:39:03","slug":"strategy-formulation","status":"publish","type":"post","link":"https:\/\/support.centreforelites.com\/en\/strategy-formulation\/","title":{"rendered":"Business Strategy Formulation. The 5 Levels"},"content":{"rendered":"\n<p>This article deals with strategy formulation, particularly, the essential <a href=\"https:\/\/support.centreforelites.com\/en\/elements-compounds-and-mixtures\/\">elements<\/a> that are involved in the formulation of strategy. It discusses how strategy formulation gives the direction that the organisation wants to go. The different levels of strategy formulation are enumerated. The article ends by giving vivid information on the background of strategy formulation in business organisations.<\/p>\n\n\n\n<figure class=\"wp-block-image aligncenter\"><a href=\"https:\/\/i0.wp.com\/st2.depositphotos.com\/1930953\/10522\/i\/450\/depositphotos_105226174-stock-photo-businessman-looking-at-writings-on.jpg?ssl=1\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/st2.depositphotos.com\/1930953\/10522\/i\/450\/depositphotos_105226174-stock-photo-businessman-looking-at-writings-on.jpg?ssl=1\" alt=\"Business Strategy Formulation\"\/><\/a><figcaption class=\"wp-element-caption\">Business Strategy Formulation<\/figcaption><\/figure>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-69d903ca61d44\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-69d903ca61d44\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/support.centreforelites.com\/en\/strategy-formulation\/#_Meaning_and_Definition\" >&nbsp; &nbsp;Meaning and Definition<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/support.centreforelites.com\/en\/strategy-formulation\/#_Formulation_of_Strategy_and_Direction_of_Organisation\" >&nbsp;&nbsp;Formulation of Strategy and Direction of Organisation<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/support.centreforelites.com\/en\/strategy-formulation\/#_Corporate-Level_Strategy\" >&nbsp;Corporate-Level Strategy<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/support.centreforelites.com\/en\/strategy-formulation\/#_Line_of_Business_Strategy_Formulation\" >&nbsp;Line of Business Strategy Formulation<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/support.centreforelites.com\/en\/strategy-formulation\/#_Functional_Area_Support_Strategy\" >&nbsp;&nbsp;Functional Area Support Strategy<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/support.centreforelites.com\/en\/strategy-formulation\/#_Operational-Level_Strategy\" >&nbsp;&nbsp;Operational-Level Strategy<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/support.centreforelites.com\/en\/strategy-formulation\/#_Levels_of_Strategy_Formulation\" >&nbsp;Levels of Strategy Formulation<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/support.centreforelites.com\/en\/strategy-formulation\/#_How_to_Respond_to_Changing_Strategy_Conditions\" >&nbsp;How to Respond to Changing Strategy Conditions<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/support.centreforelites.com\/en\/strategy-formulation\/#_Resources_Allocation\" >&nbsp;Resources Allocation<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/support.centreforelites.com\/en\/strategy-formulation\/#Competition_within_the_Industry\" >Competition within the Industry<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/support.centreforelites.com\/en\/strategy-formulation\/#The_Actions_and_Approaches_to_take_in_Each_of_the_Functional_Areas_of_an_Operational_Department\" >The Actions and Approaches to take in Each of the Functional Areas of an Operational Department<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/support.centreforelites.com\/en\/strategy-formulation\/#The_Strategy_Making_Hierarchy\" >The Strategy Making Hierarchy<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"_Meaning_and_Definition\"><\/span>&nbsp; &nbsp;Meaning and Definition<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Strategy formulation is the process whereby management develops an organisation&#8221;s strategic mission, derives specific strategic objectives and chooses a\u00a0<a href=\"https:\/\/support.centreforelites.com\/en\/strategy-implementation-and-execution\/\">strategy to implement<\/a>. It includes all the direction-setting components of managing the total organisation.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"_Formulation_of_Strategy_and_Direction_of_Organisation\"><\/span>&nbsp;&nbsp;Formulation of Strategy and Direction of Organisation<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Usually, organisation&#8221;s managers have choices about which part to take in achieving strategic objectives. As the adage goes, \u201cThere are more than one way to skin a cat\u201d. So, an organization strategy represents the pattern of choices management has made among the alternative means. A strategy is just the trajectory or the height path toward the target objective. It is made up of the entrepreneurial competitive and functional area approaches that the management intends to employ in positioning the enterprise and in managing its overall portfolio of activities.<\/p>\n\n\n\n<p>Since&nbsp;each organisation is unique, strategy formulation is custom-tailored by management to suit or fit all the relevant internal and external circumstances that surround the organisation. Also, because the organisation&#8221;s circumstances change, its strategy also changes and is always evolving as the managers either fine-tune or overhaul the ways they try to achieve strategic objectives.<\/p>\n\n\n\n<figure class=\"wp-block-image aligncenter\"><a href=\"https:\/\/i0.wp.com\/img.favpng.com\/21\/11\/8\/organization-strategy-implementation-strategic-planning-png-favpng-qQUvGpLFbXrE28XyvAE2eU59b.jpg?ssl=1\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/img.favpng.com\/21\/11\/8\/organization-strategy-implementation-strategic-planning-png-favpng-qQUvGpLFbXrE28XyvAE2eU59b.jpg?ssl=1\" alt=\"STRATEGY FORMULATION Model\"\/><\/a><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"_Corporate-Level_Strategy\"><\/span>&nbsp;Corporate-Level Strategy<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>This is senior management&#8221;s game plan for directing and running the organisation as a whole. It cuts across all of the organisation&#8217;s activities such as different businesses, divisions, product line and technologies. The corporate level strategy formulation should involve three tasks, which are:<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>&nbsp;Development of plan for managing the scope and the mix of the organisation&#8221;s various activities in order to achieve or improve corporate performance.<\/li>\n\n\n\n<li>Provision of co-ordination among different businesses in the portfolio.<\/li>\n\n\n\n<li>Establishment of investment <a href=\"https:\/\/motivemeaning.com\/management-control-2-major-steps-in-the-process\/\">priorities and allocation<\/a> of corporate resources across the company&#8221;s different activities.<\/li>\n<\/ol>\n\n\n\n<p>The portfolio management actions of corporate officers in entering a new or existing business and in pursuing some opportunities more boldly than others are strategically important because they determine the organisation&#8221;s business position.<\/p>\n\n\n\n<p>The strategy to be formulated at this level may be a combination of&nbsp;<strong>offensive&nbsp;<\/strong>moves to pursue selected opportunities and build new or stronger business positions, and defensive moves to protect existing positions against emerging threats.<\/p>\n\n\n\n<p>Coordination of strategic plans across business units is equally an important task for corporate managers. This is because it is through the coordination of the interrelated activities of the corporation&#8221;s different business units that a corporate-level competitive advantage can be created.<\/p>\n\n\n\n<p><a href=\"https:\/\/motivemeaning.com\/management-control-2-major-steps-in-the-process\/\">Controlling<\/a> the level of the pattern of corporate resource allocation is of no less importance. It is very crucial because the number of \u201cworthy projects\u201d and \u201ccan&#8217;t miss opportunities\u201d put forward for funding may entail a lot of capital requirements even beyond the corporate resources. The allocation of the resources must therefore, be genuinely done.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"_Line_of_Business_Strategy_Formulation\"><\/span>&nbsp;Line of Business Strategy Formulation<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>This is the managerial action plan for directing and running a particular business unit. The strategy at this level deals explicitly with<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>How the enterprise intends to compete in that specific business.<\/li>\n\n\n\n<li>Developing responses to changing industry and competitive conditions.<\/li>\n\n\n\n<li>Controlling the pattern of resources allocation within the business unit.<\/li>\n<\/ol>\n\n\n\n<p>The internal key to good business strategy concerns the <a href=\"https:\/\/support.centreforelites.com\/en\/definition-of-growth-and-development\/\">development<\/a> and use of a strategy-supportive distinctive competence. This means the skill or activity that a firm does especially well in comparison to the rival firm. Formulation and selection of a business strategy that is closely matched to the firm&#8221;s skills resource base is very essential<\/p>\n\n\n\n<p>For a single business enterprise, corporate strategy and business strategy become one and the same except when the single business is contemplating on diversification.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"_Functional_Area_Support_Strategy\"><\/span>&nbsp;&nbsp;Functional Area Support Strategy<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>These are strategic formulation for managing the principal subordinate activities within a business. This should be for each part of the business, production, marketing, finance, research and <a href=\"https:\/\/support.centreforelites.com\/en\/definition-of-growth-and-development\/\">development<\/a> and human resources. This task is delegated by the business level manger to the functional area heads. The functional heads then formulate strategies to achieve their set objectives.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"_Operational-Level_Strategy\"><\/span>&nbsp;&nbsp;Operational-Level Strategy<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The operating-level strategies are formulated to enable the departmental and supervisory-level managers to carry out fine details of functional area support strategies.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"_Levels_of_Strategy_Formulation\"><\/span>&nbsp;Levels of Strategy Formulation<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>This is another important aspect of <a href=\"https:\/\/support.centreforelites.com\/en\/the-concept-of-strategic-management\/\">strategic management<\/a>. This aspect brings into play the critical issue of\u00a0<strong>how\u00a0<\/strong>the targeted results are to be accomplished. The objectives of the organisation are the \u201cends\u201d while the strategy is the \u201cmeans\u201d of achieving them. Strategy formulation is a difficult task. It entails taking into account all the relevant aspects of the organisation&#8217;s internal and external situation and coming up with a detailed action plan for achieving the targeted short-run and long-run results consistent with the organisation&#8217;s objectives.<\/p>\n\n\n\n<p>Strategy is regarded as a blueprint of all the important entrepreneurial, competitive and functional area actions that are to be taken in pursuing organisational objectives and positioning the organisation for sustainable success. Consequently, in formulating a strategy, there are issues that must be addressed which include the following:<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"_How_to_Respond_to_Changing_Strategy_Conditions\"><\/span>&nbsp;How to Respond to Changing Strategy Conditions<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>These conditions include shifts in customer needs, emerging industry trends, how to defend against competitors and other externally imposed threats, etc.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"_Resources_Allocation\"><\/span>&nbsp;Resources Allocation<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>In formulating strategy, resources allocation over the organisation&#8217;s various business units, divisions, and functional departments are important. Making decisions that will provoke investment and human resources in the chosen strategic plan are very crucial. To achieve success, a kind of strategy-supportive guidelines for resources allocation must be in place.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Competition_within_the_Industry\"><\/span>Competition within the Industry<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>This has to do with the decisions on how to develop customer appeal,&nbsp;position the firm against rivals, emphasise some products&nbsp;and&nbsp;de-emphasises others to meet some specific competitive threats, which&nbsp;are important for survival and the achievement of&nbsp; a&nbsp;definable&nbsp;competitive advantage.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"The_Actions_and_Approaches_to_take_in_Each_of_the_Functional_Areas_of_an_Operational_Department\"><\/span>The Actions and Approaches to take in Each of the Functional Areas of an Operational Department<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>The different functional and operating level strategies ought to be co-ordinated rather than be allowed to go off on independent courses.<\/p>\n\n\n\n<p>They need to support the creation of a sustainable competitive position and advantage. Strategy formulation should cover the different levels of the organisation. There should be strategy for the organisation as a whole (which is top management responsibility).<\/p>\n\n\n\n<p>There should be strategies for each line of business that the organisation is operating and also at functional area level such as manufacturing, marketing, finance and human resources, within each business. There should also be strategy formulation at the operating levels, e.g. for each functional department and unit in order to be able to carry out the details of functional area strategy.<\/p>\n\n\n\n<p>Strategy formulation is mainly an exercise carried out by entrepreneurship. Its contents reflect the entrepreneurial judgments&nbsp;about the long-term direction of the organization: any need for major new initiatives such as increased competitive aggressiveness, diversification moves and divestiture of unattractive activities.<\/p>\n\n\n\n<p>The specific involvement of entrepreneurial aspects of strategy formulation is to:<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>search actively for innovative ways the organisation can improve on what it is already doing<\/li>\n\n\n\n<li>ferret out new opportunities for the organisation to the purpose<\/li>\n<\/ol>\n\n\n\n<p>iii.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;develop ways to increase the firm&#8221;s competitive strength and put it in a stronger position to cope with competitive forces<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>devise ways by which to build and maintain a competitive&nbsp;advantage<\/li>\n\n\n\n<li>decide on how to meet threatening external developments<\/li>\n\n\n\n<li>encourage individuals throughout the organisation to put forth innovative proposals and champions those that have promise<\/li>\n<\/ol>\n\n\n\n<p>vii.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;direct resources away from areas of low or diminishing results towards areas of high or increasing results<\/p>\n\n\n\n<p>viii.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;decide when and how to diversify<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>choose which business or product to abandon, the ones to continue to emphasize and the new ones to add.<\/li>\n<\/ol>\n\n\n\n<p>So, the entrepreneur needs a critical skill to be able to make strategic choices that will keep the organisation in a position of sustainable success.<\/p>\n\n\n\n<p>Other crucial factors in strategy formulation are analysis and judgment. The right strategy formulated and chosen for one organisation may not be the right one for another organisation, even when they are in the same business and the same environment. This is because situations differ from one organisation to another and from time to time. Also, strongly positioned firms can do things that the weak ones dare not do, and weak firms can do things which the strong firms cannot do. A good strategy is one that is right for the organisation, considering all the relevant specifics of its situation.<\/p>\n\n\n\n<p>Therefore, in formulating strategies, the entrepreneurial task involves and requires heavy dozes of situational analysis and judgment with the aim of achieving \u201cgoodness of fit\u201d between the formulated strategy and all the relevant aspects of the organisation&#8217;s internal situation and external environment. In fact, the value of any manager is in his ability to develop customised solutions that fit the unique features of an organisation&#8217;s situation.<\/p>\n\n\n\n<p>In the main, the real purpose, and value, of strategy formulation is to come up with an action plan that will successfully attract buyers, produce a sustainable competitive advantage, boost the firm&#8217;s market structure, put added competitive pressures on rivals, shape the nature of the competitive battle, influence the direction of industry, change in their favour, and push performance to superior levels.<\/p>\n\n\n\n<p>The ideal result and outcome is the one where the firm&#8217;s formulation strategy propels it to a leadership position above and apart from the rival firms in the industry in a way that earnings prosper and multiply; and its products (services) become the standard or the yardstick for the industry comparison.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"The_Strategy_Making_Hierarchy\"><\/span><strong>The Strategy Making Hierarchy<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td><strong>Strategy Level<\/strong><\/td><td><strong>Primary Strategy<\/strong> <strong><a href=\"https:\/\/support.centreforelites.com\/en\/definition-of-growth-and-development\/\">Development<\/a><\/strong> <strong>Responsibility<\/strong><\/td><td><strong>Strategy&nbsp;&nbsp;&nbsp;&nbsp;Making&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Functions<\/strong> <strong>and Areas of Focus<\/strong><\/td><\/tr><tr><td>Corporate Strategy<\/td><td>CEO, other key Executive (Decisions are typically reviewed and approved by board of directors)<\/td><td>Structuring and managing the portfolio of business units. (Making acquisition, divestitures, strengthening the existing position).<\/td><\/tr><tr><td>Line-of-Business Strategy<\/td><td>General Manager\/head of Business Unit (Decisions are typically reviewed) approved by senior corporate executive (CEO)<\/td><td>Co-ordinating business level strategies. Building business level competitive advantage. Controlling the pattern of resources allocation. Choosing how to compete and what type of competitive advantage to build.<\/td><\/tr><tr><td>Functional area support strategy<\/td><td>Functional area heads (Decisions are typically reviewed\/approved by business units\/heads)<\/td><td>Developing response to changing industry and competitive conditions. Co-ordinating the role\/thrust of functional area strategies.<\/td><\/tr><tr><td>Operational-level strategy<\/td><td>Departmental heads\/ field unit heads lower level managers within functional areas (decisions are often made after consultation with lateral pears in closely related areas and are reviewed \/approved by functional area heads<\/td><td>Controlling the pattern of resource allocation within the business unit. Fleshing out the business strategy as applied to specific functional areas and developing specific functional area action plans to support successful execution of the strategy. Developing action plans to carry out the day-to- day requirements of functional area support strategies.<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p>&nbsp;Adapted from Thompson and Strickland,&nbsp;strategic management:&nbsp;concepts and cases (1987).<\/p>\n","protected":false},"excerpt":{"rendered":"<p>This article deals with strategy formulation, particularly, the essential elements that are involved in the formulation of strategy. It discusses 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