Introduction

1. Compatibility between Corporate Strategic & Functional Management Policies
At the level of corporate strategy, concerned management shall not just consider the ways for gaining competitive advantage with respect to each business lines concerning firm that is operating at, but in addition the concerned businesses shall be required for being in its initial place (Lopez Cuesta & Franch Gutierrez, 2014). The focus shall be on selecting the optimal business set as well as in determining the ways in which they need to be integrated within the corporate level, that is, portfolio. In general, major form of investment as well as divestment related decisions shall be undertaken at the top management levels. Mergers & Acquisitions (“M & A”) shall in addition form a critical element with respect to corporate strategy. The levels in strategy shall solely be necessary while the concerned company shall operate across two or else a greater number of business domains by way of varied business units using varied business-level strategies which shall be required in being aligned for forming corporate-level strategies that shall be internally consistent (Lopez Cuesta & Franch Gutierrez, 2014). The same shall form the reason for which corporate strategy shall usually not be considered in being small-medium enterprises (“SMEs”), and yet with respect to multinational enterprises (“MNEs”) or else conglomerates (Lopez Cuesta & Franch Gutierrez, 2014).

Functional-level strategy and policy making shall be concerned with critical issues of ways in which support to business-level strategy at the functional departments shall be undertaken akin to HR, Marketing, R & D and Production (Lopez Cuesta & Franch Gutierrez, 2014). The said strategies shall usually be aimed to enhance the overall effectiveness pertaining to the operations of the company at the level of departments. In the context of these departments, the workers shall usually refer to varied domains like human resource strategy, marketing strategy or else R & D Strategy. In effect, the overall objectives shall be in aligning the strategies to the extent possible aided by greater levels of business strategy (Lopez Cuesta & Franch Gutierrez, 2014). In case, business strategy shall form an example that is aimed to offer the products for students as well as young adults, marketing department need to target the people in an accurate manner to the possible extent by way of marketing campaigns in the manner of choosing suitable media channels. To a technical extent, the said decisions shall be highly operational by nature as well as hence shall not form part of the strategy. On account of the same, it shall be better for calling them to be tactics rather than strategies (Lopez Cuesta & Franch Gutierrez, 2014).

2. Internal & External Influences on Corporate Objectives and Strategy
The internal influences with respect to corporate objectives as well as strategies shall include the following: [1] business ownership, that is, who shall be business owners as well as what they shall strive on achieving, [2] attitude towards profit, that is, to assess the business run for earning profits, or else for assessing it to be not-for profits (Buckley & Ghauri, 2015), [3] ethical stance, that is, the role that ethics shall play with respect to decision-making in the business, [4] organisational culture, that is, the manner in which business shall be structured and the objectives shall be set as well as decisions undertaken, [5] leadership, that is, the strength in terms of influence concerning leadership with respect to business concerning the objectives as well as manner in which decisions have been undertaken, [6] strategic position as well as resources, that is, options as well as choices threat the concerned business can realistically undertake on the basis of prevailing market position as well as resources, and [7] stakeholder influence in terms of the extent of influence that internal stakeholders shall have (Buckley & Ghauri, 2015).

The external influences with respect to corporate objectives as well as strategies shall include the following: [1] short-term focus, that is, pressure from external investor for focussing over as well as achieving shorter-term objectives rather than longer-term strategy, [2] economic environment, that is, perspectives concerning the critical economic indicators like that of economic growth levels, consumer spends and interest rates (Buckley & Ghauri, 2015), [3] political as well as legal environments, that is, impacts concerning uncertainty with respect to changes across political as well as legal environments, [4] competitors, that is, whether the actions as well as strategies of competitors shall shape what the business shall think on achieving, and [5] social as well as technological change, that is, the extent of rapid levels in pace with respect to social and also technological changes happening in the market of the business, and the setting of objectives as well as decision-making being easier or else harder (Buckley & Ghauri, 2015).

3. Flexibility in Strategic Management and the Practical Limits of Quantifying Corporate Strategy
Flexibility shall represent multidimensional as well as complex form of concept which shall be difficult for defining it in a satisfactory manner. Flexibility refers to an ability for changing the direction in a quicker or else deviating from that of an action course that is pre-determined (Ali & Anwar, 2021). Flexibility shall refer to something apart from that of what has been intended originally. In general, definitions that are that are available illustrate the overall flexibility with respect to the ability or else capability in that the organisation shall be required in changing or else in reacting. The notions concerning strategic flexibility, however, has essentially received significant amount of attention with respect to strategic management as well as organization theory related literature (Ali & Anwar, 2021). At a conceptual level, strategic flexibility shall illustrate the overall ability for taking some of the action as a response towards changes in external environment and hence can be considered to be strategic capability. It has been conceptualised in that strategic flexibility refers to the overall capability concerning the company for proactively responding in a quicker manner towards changing of competitive conditions as well as therein develop and / or else maintain the inherent competitive advantage (Ali & Anwar, 2021). With respect to generic terms, the strategic form of flexibility shall concern with the agility of company, towards the capacity for adapting as well as responding in timely manner as well as in an appropriate manner towards uncertain, substantial as well as fast taking place environmental changes which has the meaningful form of impacts pertaining to the organisation’s performances. In consequence, strategic flexibility could be conceptualised using two different ways (Ali & Anwar, 2021). Firstly, with respect to variations as well as diversity pertaining to strategies. Secondly, to the overall extent degree till which the companies shall in a rapid manner shift by way of one strategy towards the other. Undertaking critical distinction in-between proactive flexibility as well as reactive flexibility shall be crucial (Ali & Anwar, 2021). Proactive flexibility shall entail the overall ability for anticipating changes within future environment whilst the reactive flexibility shall indicate the ability for effectively and rapidly respond towards changes within current environment as they shall become evident. In effect, flexibility within the process of strategic planning shall refer to primary form of component in strategic flexibility.

References

Ali, B. J., & Anwar, G. (2021). Business strategy: The influence of Strategic Competitiveness on competitive advantage. International Journal of Electrical, Electronics and Computers, 6(2).

Buckley, P. J., & Ghauri, P. (Eds.). (2015). International business strategy: theory and practice. Routledge.

López Cuesta, L., & Franch Gutiérrez, J. (2014). Applying business strategy models in organizations. In Proceedings of the 7th International i* Workshop 2014. Thessaloniki, Greece, June 16-17, 2014. (pp. paper-6).