What is the difference between strategy formulation and strategy implementation? What are the different levels of strategy?

Answer:

Strategy formulation: decision-making process used when determining what action to take (Carpenter & Dunung, 2015).

Strategy implementation: actual doing of the action plan decided in the strategy formulation (Carpenter & Dunung, 2015).

The different levels of strategy include,

•           Business

•           Corporate

•           International (Carpenter & Dunung, 2015).

On what two dimensions are all business strategies based? What are the three

dimensions of corporate strategy and how are they different?

The two dimensions that all business strategies are based off are

•           Competitive advantage

•           Company’s scope (Carpenter & Dunung, 2015).

The three dimensions of corporate strategy are

•           Vertical integration

•           Horizontal integration

•           Geographic diversification (Carpenter & Dunung, 2015).

Vertical integration: all the steps to fulfill production of a product from start to finish

Horizontal integration: all business competitors within the same market trying to sell their products

Geographic diversification: expansion of a business model without changing the overall structure

(Carpenter & Dunung, 2015).