Strategic decision-making is making choices related to an organization’s overall, long-term direction, including objectives, resources, and capabilities to be developed and the key actions needed to achieve these objectives.

Strategic alignment is the process that ensures all aspects of an organization — including its departments, teams, and resources — are properly arranged and working together to achieve its defined strategy or objectives.

A strategic vision is an aspirational description of what an organization wants to achieve or accomplish in the mid-term or long-term. It serves as a guide for understanding what the organization stands for and where it’s going.

Creating Shared Value is a management strategy focused on companies creating measurable business value by identifying and addressing social problems that intersect with their business.

A Strategic Business Unit (SBU) is a separate, specialized subsystem in a large organization that operates as an independent entity with its own vision, mission, competitors, business model, and profit-and-loss responsibility.

Functional-level strategy refers to a functional area’s approach to achieving corporate and business unit objectives and strategies by maximizing resource productivity.

A business-level strategy is a plan that a company uses to achieve its goals and objectives by leveraging its strengths and mitigating its weaknesses.

A corporate-level strategy refers to the overarching strategic plan that dictates the direction of the entire organization. It’s the highest level of strategy, covering all of the firm’s diverse operations.

A downsizing strategy refers to the planned elimination of positions or jobs in a company as part of a strategic initiative to improve efficiency, productivity, or profitability.