A strategy can be termed as a plan which is used to devise a mission for the organization and develop suitable objectives for the organization.

There are three types of strategies involved in this process and they are explained as given below:

1. Corporate strategy: A Corporate strategy can be termed as a plan made in order to manage multiple businesses. The same corporate strategy can be used for managing multiple businesses.

2. Business Strategy: A business strategy can be termed as a plan made in order to manage a single business. For example to manage all the important business operations the company will be requiring a single business strategy.

3. Functional strategy: A functional strategy is a plan made in order to manage one functional area in a single business. For example, in order to manage marketing operations, finance operations and human resources management operations the company will be requiring different functional strategies.