Strategy Formulation is the crafting of a combination of strategies and picking out the best one to achieve the organizational goals and objectives and thereby reaching the vision of the organization, Strategy Implementation on the other hand refers to the execution of the said strategy. That is, it converts the chosen strategy into action, for the realization of organizational goals and objectives.

 

Levels of Strategy

• Corporate Level
• Functional level
• Business level

Dimensions that all business strategies are based on;

• Competitive advantage (cost or uniqueness)
• The scope of operations (broad or narrow)

Dimensions of Corporate Strategy

1. Vertical scope

It refers to all the activities, from the collection of raw materials to the sale of the finished product, that a business goes through to make a product.

2.Horizontal scope 

Is the number of similar businesses or business activities at the same level of the value chain.

3.Geographic scope

It is where a  business moves into new geographic areas without entirely altering its business model.

 

A firm should choose a global strategy rather than a multidomestic strategy because;

Global companies maintain the same basic business approach in each market whereas Multidomestic companies change some aspect of what they do in each country. Global companies hence are consistent in their businesses operations.

 

International strategies reflect trade-offs between local responsiveness and global efficiency for firms to gain a competitive advantage, they have to set strategies that take best advantage of the firm's core competencies and that are difficult for competitors to copy.

Step-by-step explanation

The five facets of the strategy diamond are explained below;

(1) Arenas:  deals with where the business will be active.

(2) Differentiators: deals with how the business will get to a given point

(3) Vehicles: is concerned with how the business will dominate the market

(4) Staging and pacing: deals with the business speed and decision-making sequence

(5) Economic logic: concerned with how the business will obtain returns

 

Social entrepreneurship is where individuals approach, groups, upcoming companies or entrepreneurs, in which they develop, fund and implement solutions to social, cultural, or environmental issues. 

 

How a firm might disrupt an existing market;

Any business that's serious about causing market disruption must be willing to shift or even completely change its infrastructure. Successful disruptive marketing requires a long-term commitment, and likely a fundamental shift in a company's business model.

The three facets of the entrepreneurial process;

• Identification of opportunities
• Plan and prepare the venture
• Resource the venture and take action

The easiest factor to change among the factors affecting entrepreneurial might be raw materials, legal factors on the other hand might be a bit to change.

Key pieces of information needed to assess whether to launch a global start-up;

1. Do I want to build the brand around the world right from the start?
2. Do I need human resources from other countries for my company to succeed?
3. Do I need financial capital from other countries for my company to succeed?
4. Will my target customers prefer the services of my company to the services of my competitors if I am global?
5. Can I put an international system in place more quickly than domestic competitors?
6. Do I need global scale and scope to justify the financial and human capital investment in the venture

Once you have launched, what to have in mind;

1. Strong intangible assets (e.g., both Logitech and Skype have style, hipness, and mindshare via their brands)
2. The ability to keep customers locked in by linking new products and services to the core business while constantly innovating in the core product or service itself
3. Close worldwide coordination and communication among business units, suppliers, complements, and customers