What Are the Functions of a Corporate Strategy Department?
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A corporate strategy department functions as a coordinating body, developing and implementing strategies that satisfy the objectives of individual ... CultureMusicSportsFood&DrinkEntertainmentLifeHomesNewsWeatherShoppingJobsCarsHearstNewspapersparticipatesinvariousaffiliatemarketingprograms,whichmeanswemaygetpaidcommissionsoneditoriallychosenproductspurchasedthroughourlinkstoretailersites.WhatAretheFunctionsofaCorporateStrategyDepartment?SmallBusiness|BusinessModels&OrganizationalStructure|CorporationsByBertMarkgrafOrganizationStrategy&DivisionStrategyProjectManagementDeliverables&ProjectPerformanceTheDifferencesBetweenMarketingGoals&ObjectivesBusinessUnitStrategiesThreeTypesofObjectivesforPlanningCorporatestrategyidentifiesbarrierstoachievingcompanyobjectivesanddevelopsanapproachthatallowsyoutoovercometheobstacles.Whenseveralindividualdepartmentsimplementstrategies,corporateactionslackcoordinationandmayactatcross-purposes.Acorporatestrategydepartmentfunctionsasacoordinatingbody,developingandimplementingstrategiesthatsatisfytheobjectivesofindividualdepartmentsaswellaspromotingoverallcorporategoals.DevelopmentAcorporatestrategydepartmentsurveysthoseresponsibleforcompanyoperationstogatherinformationonchallengesandobjectives.Itconsolidatesindividualstrategicaimsintoanoverallapproachandinvitesfeedbackfromthedepartmentsconcerned.Ifyouaredevelopingacorporatestrategy,youhavetoachieveconsensusonwhatobstaclesthecompanyfacesandwhatstrategicactivitieswillbesuccessful.Oncethereisbroadagreement,youcancommunicatethefinalversionofthecorporatestrategyandassigntasksrequiredforcarryingitouttothedepartmentsinvolved.ImplementationToimplementastrategy,thecorporatestrategydepartmenthastofirstcommunicatethedetailsoftheworkitexpectseachdepartmenttocarryout.Whilethecorporatestrategydepartmentistheoverallleader,ithastorelyonadepartmentsuchasmarketingtoimplementthestrategiccomponentsthatfallwithinitsareaofresponsibility.Forexample,iftheoverallstrategyincludesthedevelopmentofnewproducts,marketinghastocarryoutamarketsurveytofindoutwhatfeaturesareneeded,thedesigndepartmenthastocreatetheproductandproductionhastobuildit.CoordinationAkeyfunctionofthecorporatestrategydepartmentistocoordinatethedifferentinitiativesthatthestrategyrequires.Thedepartmenthastoscheduletheworkinthepropersequenceandensurethattherequiredresourcesareavailableatthelevelofthedepartmentthatisexecutingitsparticularstrategiccomponent.Forexample,forthedevelopmentofnewproducts,theresponsibledepartmentshavetoexecutethemarketingsurvey,design,production,productlaunchandpromotionaccordingtoascheduleputinplacebythecorporatestrategydepartment.Thedepartmentthenhastomonitorprogressandtakecorrectiveactionifadepartmentfallsbehindschedule.EvaluationDuringimplementationofthecorporatestrategyandafteritsexecutioniscomplete,thecorporatestrategydepartmenthastoevaluatewhetherthestrategyisachievingtheprojectedresults.Partoftheworkassignedtoparticipatingdepartmentsistoreportbackwithkeyperformanceindicatorstogivefeedbackonprogresstowardoverallgoals.Ifperformanceisnotinlinewithprojections,thecorporatestrategydepartmenthastoplanforadditionalinitiativesanddirecttheresponsibledepartmentstocarryouttheextrawork.Havingtheevaluationcentralizedinonedepartmentgivesyoumuchbettercontrolofprogressandamoreeffectivewayofensuringyoumeetoveralltargets.ReferencesHarvardBusinessSchool:CreatingtheOfficeofStrategyManagementPioneersHoldingCo:CorporateStrategySouthernNewHampshireUniversity:CorporateStrategy-FromCoreCompetencetoComplexity-AnEvolutionaryReview,PartIResourcesStrategicManagementJournal;StrategicPlanninginaTurbulentEnvironment-EvidencefromtheOilMajors;RobertM.GrantWriterBioBertMarkgrafisafreelancewriterwithastrongscienceandengineeringbackground.Hestartedwritingtechnicalpaperswhileworkingasanengineerinthe1980s.Morerecently,afterstartinghisownbusinessinIT,hehelpedorganizeanonlinecommunityforwhichhewroteandeditedarticlesasmanagingeditor,businessandeconomics.HeholdsaBachelorofSciencedegreefromMcGillUniversity.RelatedArticlesOperationalVersusFunctionalLevelStrategyKeyElementsofBusinessStrategyImplementationDifferenceBetweenCorporateStrategy&ProjectManagementHowIstheBudgetingProcessIntegratedandCommunicatedtoAchieveStrategicObjectives?HowtoWriteaMarketingStrategyReportBusinessSystemsPlanningHowtoImplementaProgramManagementPlanConceptsofCorporatePlanningTechniquesofCoordinationinanOrganizationOrganizationStrategy&DivisionStrategyProjectManagementDeliverables&ProjectPerformanceTheDifferencesBetweenMarketingGoals&Objectives1OperationalVersusFunctionalLevelStrategy2KeyElementsofBusinessStrategyImplementation3DifferenceBetweenCorporateStrategy&ProjectManagement4HowIstheBudgetingProcessIntegratedandCommunicatedtoAchieveStrategicObjectives?
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