Summary

Strategy Implementation is a process by which strategies and policies are put into action through the development of programs, budgets, and procedures. This process might involve changes within the overall culture, structure, and/or management system of the entire organization. A program is a statement of the activities or steps needed to accomplish a single-use plan. A budget is a statement of a corporation’s programs in terms of dollars. Used in planning and control, a budget lists the detailed cost of each program. Procedures, sometimes termed Standard Operating Procedures (SOP), are a system of sequential steps or techniques that describe how a particular task or job is to be done.
Marketing strategy deals with pricing, selling, and distributing a product. Using a market development strategy, a company or business unit can (1) capture a larger share of an existing market for current products through market saturation and market penetration or (2) develop new markets for current products.

Financial strategy examines the financial implications of corporate and business-level strategic options and identifies the best financial course of action. It can also provide competitive advantage through a lower cost of funds and flexible ability to raise capital to support a business strategy. Financial strategy usually attempts to maximize the financial value of a firm.

R&D Strategy deals with product and process innovation and improvement. It also deals with the appropriate mix of different types of R&D (basic, product, or process) and with the question of how new technology should be accessed- through internal development, external acquisition, or strategic alliances.
Operation strategy determines how and where a product or service is to be manufactured. Corporations are increasingly using Information technology strategy to provide business units with competitive advantage.