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- Business strategy focuses on competitive as well as specific and more immediate business opportunities and/or challenges that impact a standalone business or a business unit of a diversified company
- The overall business strategy should be aligned with the corporate-level strategy and key strategic drivers (mission, vision, etc.) in a top-down manner
- In some cases, however, business level strategies may uncover opportunities and/or challenges that justify revisiting the corporate-level strategy
- A typical business strategy exercise typically involves one or more of the following strategic management cycle activities:
- Defining (or validating) the business-level mission, vision and values and exploring the current/potential portfolio attractiveness and synergies
- Setting business-level strategic objectives and identifying the viable strategic options
- Business-level strategy development and articulation with targets, key initiatives and relevant KPIs
- Business-level performance monitoring and review
