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The fundamental plan of Strategy Management relates to how a business must deliver its product in the marketplace and how it must act within the market arrangement and how they must compete with their challenger. This all forms division of Strategy Management. For meeting these requirements, two approaches can be followed specifically Differential Approach & Cost-Based Approach.
Phases of Strategy Management:
Before applying any plan, Strategy Management procedure involves study cross-functional business decisions. The procedure of Strategy Management involves:
- Analysing in-house Strength & Weakness
- Prepare Action Plans
- Executing the created plan
Evaluation of the achievement plan as to what degree it has been par with the needed results.
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- Corporate Strategy: It focuses on deciding the type of businesses that a corporation must partner with and invest in.
- Business Unit Strategy: Under this topic of Strategy Management, strategies made to decide the economical advantages within a business segment.
- Marketing Functional Strategy: This type of strategy used to manage different levels of marketing, operations, and finance in an organization to make sure that each of these sectors has strategies to support the industry.
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