Strategy for Competitive Advantage
Best strategy is always source of competitive advantage only if it is unique in nature. Strategy remain unique for limited period of time because competitors watchers determine strategy after some time and replicate same to vanish competitive advantage.
Levels of strategy
Strategy can be defined at three levels of business each one have different impact.
Corporate Strategy
This is the high level strategy which impact entire strategic business units exist within corporate. This is high risky strategy normally made by investors,higher management and board of directors. Corporate strategy is normally mentioned in terms of mission statement.
Business Strategy
This is the second level of strategy applied on functional areas of the business. The business strategy concerns about employees,products,services,gaining edge over competitors or exploiting and creating new opportunities.
Operational Strategy
This level of strategy is the lower level strategy made by the departmental heads to run the processes,operations and manage the resources.
The Key for strategy implementation success
During the strategy formulation stage presence of stakeholders is essential. If operational level employees are not involved in strategy formulation then strategy implementation will be not remain the same due to lack of knowledge and understanding.