It Gives Direction Tocorporate Values, Corporate Culture, Corporate Goals, and Corporate Missions.Under This Broad Corporate Strategy There Are Typically Business-Levelcompetitive Strategies and Functional Unit Strategies. Refers to Theoverarching Strategy of the Diversified Firm. Such a Corporate Strategy Answersthe Questions of "Which Businesses Should We Be In?" and "Howdoes Being In These Businesses Create Synergy And/Or Add to the Competitiveadvantage of the Corporation As a Whole?" Business Strategy Refers Tothe Aggregated Strategies of Single Business Firm or a Strategic Business Unit(Sbu) In a Diversified Corporation. According To Michael Porter, a Firmmust Formulate a Business Strategy That Incorporates Eithercost Leadership,Differentiation, or Focus to Achieve a Sustainable Competitive Advantage Andlong-Term Success. These Three Rules Are Also Known As Porter's Three Genericstrategies; This Concept Can Be Applied to any Size or Form of Business. Porterconsidered This Concept As Tradeoff Strategy and Argued That a Person Orcompany Must Only Choose One Strategy or Risk Having No Strategy at All.