Business Strategy

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Business strategy can be understood as the course of action or set of decisions which assist the entrepreneurs in achieving specific business objectives.

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 desired ends of the business.

In business, it is the long-range sketch of the desired image, direction and destination of the organisation. It is a scheme of corporate intent and action, which is carefully planned and flexibly designed with the purpose of:

  • Achieving effectiveness,
  • Perceiving and utilising opportunities,
  • Mobilising resources,
  • Securing an advantageous position,
  • Meeting challenges and threats,
  • Directing efforts and behaviour and
  • Gaining command over the situation.

A business strategy is a set of competitive moves and actions that a business uses to attract customers, compete successfully, strengthening performance, and achieve organisational goals. It outlines how business should be carried out to reach the desired ends.

Chania

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