Corporate strategy is the process by which a company formulates its long-term goals and plans for new product development. The purpose of corporate strategy is to create shareholder value by growing the business and increasing profitability. To do this, companies must first identify their core competencies and allocate resources to those areas where they have a competitive advantage. In addition, companies must develop an overarching strategic vision that will guide them in making decisions about new product development and market expansion. By following a disciplined strategic planning process, companies can increase their chances of success in the ever-changing business landscape.
An act of imagining, guided by both foresight and informed discernment, reveals the possibilities and practical limits in new product development.
A corporate strategy is a vital tool for ensuring that a company's product development efforts are aligned with its overall business goals.