Strategy

A strategy is a plan designed to achieve a particular objective. A company typically develops four types of strategies:

Functional Strategy - the methods and activities the company engages in to maximize operating efficiency, such as selection of manufacturing machinery, enterprise software, etc.
Business Strategy - develops the plan for how the company will position their products and compete in the marketplace. Increasingly, the business strategy is seen as the responsibility of the CMO. The business strategy encompasses the company's marketing plan.
- Within the business strategy, companies develop a strategy for their brands. The Brand Strategy may also be referred to as a positioning strategy or positioning statement
Corporate Strategy - an overall plan to ensure the company stays focused on its vision, operates according to the mission statement, and takes a high-level, long term approach to dealing with key opportunities and threats, such as government regulation, legislation, etc.