Business Strategy Accounting &
FinanceIn an organization strategy is formulated and applied at different levels in the business. these are as follows:Corporate Strategy: At this level, the strategies are formulated to meet the stakeholders’ expectation, hence these are called mission statement.Business Unit Strategy: These strategies are formulated to direct operations of the business and to gain a competitive position in the market. Operational strategy: These strategies are designed for each functional unit in the business and help in achieving corporate as well as business unit strategies. In the organization, the strategy management process takes into account three interrelated steps: strategic choice, strategic analysis, and strategy implementation. Thus strategy management is a dynamic process. Stakeholder’s analysis and its significance A stakeholder in an organization is (by definition) any group or individual who can affect or is affected by the achievement of the organization’s objectives (Rae amp. Wong, 2004, p.136). Therefore the stakeholders have a stake in the company’s decisions, so the management needs to conduct stakeholder analysis.Stakeholder analysis is a tool that assists in the identification and description of all those who have a stake in the company. Such an analysis is conducted on the basis of the stakeholder’s attributes and their interrelationship with different issues prevailing in the organization. Grimble et al. defined stakeholder analysis as an approach for the identification of the stakeholders and their respective interest in a different system of the organization.