Most corporations consist of multiple divisions, which set their own strategy (what we generally refer to as “business strategy”). But more often than not, these dvisions have very little to do with one another. Take Philips Electronics with its lighting, medical equipment, and consumer electronics divisions; ThyssenKrupp with its steel, elevators, and engineering services units; or smaller companies such as Trinity Mirror, which offers newspapers, printing, and digital services. They may not be like the big conglomerates of the 1960s — you can see how their portfolio of somewhat related business came about — but, in reality, the various divisions and business units do operate completely independently from one another.