Explain the concept, nature and significance of corporate strategy and discuss various schools of thought on corporate strategy formulation.

Corporate strategy is the overarching plan devised by an organization's top management to achieve its long-term goals and objectives. It involves making decisions on where to compete, how to allocate resources, and what actions to take to create value for the company and its stakeholders. Understanding the concept, nature, and significance of corporate strategy is crucial for any organization aiming to thrive in a competitive environment.

### Concept and Nature of Corporate Strategy

1. Concept: Corporate strategy encompasses the scope and direction of an organization, focusing on gaining a sustainable competitive advantage. It involves decisions about which industries to participate in, what businesses to operate, how to allocate resources among different businesses, and how to create synergy among them.

2. Nature:
   - Long-term Orientation: Corporate strategy involves decisions that affect the organization's long-term _____ __________ _________ _______ ____ __________ _______ _____.
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