Final answer:
Corporate level strategies consist of growth, stability, and renewal strategies, each playing a pivotal role in supporting a company's business-level strategy and competitive advantage. These strategies are chosen based on the company's goals and industry dynamics, affecting the firm's long-term success.
Step-by-step explanation:
The main types of corporate level strategies include growth strategies, stability strategies, and renewal strategies. Growth strategies involve expanding the company's operations by increasing its product lines, entering into new markets, or acquiring other companies. This approach can support a business-level strategy by providing access to new customers and markets, potentially increasing competitive advantage.
Stability strategies focus on maintaining the current operations without significant change. This might be used when a company has a strong market position and aims to sustain its current business model, supporting its competitive advantage by solidifying its market share.
Renewal strategies are employed in circumstances where a company faces problems or is at risk of losing its competitive edge. This can involve restructuring, divestiture, or turnaround strategies to reduce costs, streamline operations, or focus on more profitable areas, thus reestablishing a firm's competitive advantage.
Each strategy type is used in alignment with the company's overall objectives and the competitive dynamics of the industries in which it operates. The choice among these strategies can profoundly influence the firm's potential for long-term success and sustainability.