The strategy can be defined as the integrated plan or a trick used to get success in a particular affair. In business terms, the strategy is viewed as a means to reach the goal of the company. In a large firm, there are multiple divisions, units or departments, that is engaged in a number of businesses. In such an organization, there are three primary levels of management, i.e. corporate, business and functional level.
Business Strategy highlights the market opportunities that the business wants to explore, steps for performing it and the resources required to put it into practice. It is formulated by the middle-level management, which focuses on what’s more important for the company to achieve the desired end.
Corporate Strategy is the essence of strategic planning process. It determines the growth objective of the company, i.e. direction, timing, extent and pace of the firm’s growth. It highlights the pattern of business moves and goals concerning strategic interest, in different business units, product lines, customer groups, etc. It defines how the firm will remain sustainable in the long run.