Corporate Strategy helps in formulate a winning guide in how the business is competing in the market.
It define what are the objectives (goals and future plans) and values of a corporation and how it compete against competitors. As such, it helps in formulate the long term view of what a company does and what it will do in the future. Moreover it helps in achieving success depending on how is formulated.
Many big corporations and consultancy define their role with the Mission Statement and Vision Statement. Statements in which the say what is the organizational goals for the medium and long term, which is usually 5 to 10 years.
Strategies are an ongoing process which takes time to formulate, but are also always changing due to the environmental forces which influences the market. How to formulate a succesful corporate strategy is the main opportunity for many Businesses.
The Mission Statement and Vision Statement are ideas on how and what the company wishes to be perceived by its customers and is related to the product and or service offering.
To formulate a good mission statement is important to be able to answer to the following questions:
- What can people do with the information or product offered on the site?
- What is the Unique Selling Proposition?
- How will the service or product improve the clients’ lives?
- What reason for buying on the website and not somewherelse? Or Why read the information and take the advice instead of getting the advice from another site?
- Why are you offering these products or service aside from making money?