Respond to all questions. What role does corporate-level strategy play in relation to business-level strategy? What roles do a firm’s core competencies play in a decision to diversify into new...

1. What role does corporate-level strategy play in relation to business-level strategy?
To sustain in the fiercely aggressive and competitive business world, every company
wants to build unique competencies and the right strategy to have competitive advantage over
their competitors and improve their market positions. The corporate level strategy and business
level strategy of a company helps it to fight the stiffening competition in the market. At the
business level strategy, a firm builds a strategy which integrates and coordinates a set of actions
and commitments which is used to gain competitive advantages by exploiting core competencies
in a particular product market. A business level strategy is a core strategy which a firm chooses
to follow that describes how the firm would compete in the market (Hitt, et.al., 2013). The
strategy helps the firm to establish and exploit a particular competitive advantage within a
particular competitive scope. In several situations, a company might think that corporate and
business matters are the similar; however when split into strategies, there exists a difference. The
corporate level strategy identifies the actions a firm takes to gain a competitive advantage by
selecting and managing a group of different businesses competing in different product markets
(Hitt, et.al., 2013). The corporate level strategy helps...