ABSTRACT
The practice of corporate strategy, strategic management or business policy is an integrative procedure, which attempts to draw together all aspects of the organization's decisions into a coherent whole. Although these decisions are often taken at different levels in the organization and, in practice, are often unco-ordinated, corporate planning is the responsibility of top management. It is only top management who can have the strategic vision necessary to take decisions on a company-wide long-term basis. This explains the difference between strategy that has a long-term aim and tactics that represent shorter-term contingent decisions aimed at implementing partial elements of the overall strategy.
