Final answer:
Corporate level strategies are actions taken by firms to achieve competitive advantages by operating in various markets or industries, including mergers, diversification, and forming franchises or conglomerates.
Step-by-step explanation:
Actions firms take to gain competitive advantages by operating in multiple markets or industries simultaneously are known as corporate level strategies. These strategies involve decisions made by a company to enter into mergers, seek diversification, form strategic alliances, and manage growth and expansion. For example, merging with another firm can create a larger corporation, improve efficiency, acquire new product lines, challenge competitors, or change corporate identity. Another approach, forming a conglomerate, allows a firm to own businesses that make unrelated products, providing a buffer through diversification.
This can protect profits if one area underperforms. Moreover, the creation of franchises like McDonald's exemplifies a business strategy where a company offers similar products across multiple locations. On the other hand, businesses may also opt to focus on a core competency, specializing in a limited range of products for greater success.The actions firms take to gain competitive advantages by operating in multiple markets or industries simultaneously are known as corporate level strategies. Diversification strategies, on the other hand, refer to the process of entering new markets or offering new products or services to reduce risks and increase opportunities for growth. By implementing corporate level strategies, firms can leverage their resources, capabilities, and expertise across different markets or industries to achieve a competitive edge.