Definition Of Business Strategy

The need for business strategy.

Definition of business strategy. Every business needs to have a plan or strategy to survive. It defines what the business needs to do to reach its goals which can help guide the decision making process for hiring and resource allocation. In almost every case it is ideal to retain customers than to constantly chase new ones. Right strategy definition as their markets evolve.

It is nothing but a master plan that the management of a company implements to secure a competitive position in the market carry on its operations please customers and achieve. The word strategy comes from the ancient greek word strategos meaning the art of the general. The notion of restricting the basis on which strategy might be formulated has been carried one step farther by michael treacy and fred wiersema authors of the discipline of market leaders 9 in the harvard business review article that presaged their book 10 treacy and wiersema assert that companies achieve leadership positions by narrowing not. It is the backbone of the business as it is the roadmap which leads to the desired goals.

In the absence of a sound business plan you will find it hard to generate customer loyalty businesses that have no specific guidelines on how to cater to existing customers risk alienating the later. A business strategy can be defined as the combination of all the decisions taken and actions performed by the business to accomplish business goals and to secure a competitive position in the market. In this article we will take a quick look at the meaning and types of strategies in business. At one level this is to be expected.

And this is one major area where business strategy is extremely necessary. Interestingly porter s thinking on the definition of strategy wasn t published until november of 1996 which means that 17 years after he burst on the scene with his original five forces. Strategy according to treacy and wiersema. Business strategy can be understood as the course of action or set of decisions which assist the entrepreneurs in achieving specific business objectives.

A business strategy refers to the actions and decisions that a company takes to reach its business goals and be competitive in its industry. Academics consul tants and management gurus offer a broad menu of strategy definitions to choose fr om. Back to creating a business strategy page. However in business it is more about the managerial response to changes in the business environment than the art of war.

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