There are three primary tasks that must take place for this linkage to happen. First, upper-level business managers must decide the role technology will play in advancing their competitive advantages (Hax & No, 1992). They must also determine the assets they will assign to technology, and the assertiveness used in the innovative development and in inserting technology into their products and processes (Hax & No, 1992). It is important that corporate involves themselves in this process because technology is embedded and shared throughout every function of a company. Corporate strategy that communicates its mission through the technological requirements will lead to a powerful viable position (Hax & No, 1992) .
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Corporate governance is the combination of control functions that work unified in order to control the relations among all of those invested in the company; shareholders, management, and employees (p. 2). Additionally, corporate governance is not just about management and control, it focuses on the moral values, social accountability, worthy occupational practices, and control activities (Minculete & Olar, 2014, p. 97). According to Minculete and Olar, a good corporate governance entails the right “association and combination within the governance of operational terms like internal audit, internal control, external audit, and risk management” (p.
However, a well-structured and implemented business management strategy can help to define and explain the objectives and activities involved in carefully placing all the elements of a business plan. Market Strategy The first major area of strategic planning is development of a marketing strategy. In the business world, marketing tends to be a means to an end. Marketing entails directly connecting to the c... ... middle of paper ... ...rganization. One of the key facets of implementing a sound internal control and evaluation process entails the incorporation of a knowledgeable auditing and compliance committee.
Formulation and Implementation of Corporate Strategy Corporate strategy is concerned with broad decisions about an organization's scope and direction. It is defined as "the pattern of decisions in a company that determines and reveals its objectives, purposes, or goals, produces the principle policies and plans for achieving those goals, and defines the range of business the company is to pursue, the kind of economic and human organization it is or intends to be, and the nature of the economic and non-economic contribution it intends to make to its shareholders, employees, customers, and communities" (Ghoshal, Lampel, Mintzberg, & Quinn, 2004, pp. 72). This paper will discuss formulating strategy. It will also discuss implementation and its importance.
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