Strategy consultants are hired by clients to support them with strategic decision making, which includes the development of strategy and, to an extent, also the execution of strategic plans. As the responsibility for strategic decision making falls under the mandate of senior management, strategy consultants typically work for executives and high-ranked managers. By doing so, strategic advisors can help companies with the definition of their vision, mission and strategy, support them with market entry into a new market or with a shift towards a new business model. Governments and institutions are supported with economic policy setting, while in the case of mergers & acquisitions, strategy consultants typically support the strategic activities of the M&A process, such as setting the M&A strategy, executing the commercial due diligence, creating the merger business case and/or designing the integration roadmap.
At the same time, the work of strategy consultants can cover all major functional strategies, spanning strategic work across the full value chain. For example, strategic advisors can be asked to define commercial strategies in the sales & marketing domain, drafting pricing, customer channel and product market combination strategies. In the case of HR, consultants can contribute to human capital strategies, including talent management business cases, while in the field of operations, strategy consultants are picked to draft operating models and tie those with higher-level business objectives.