Business Strategy

Business Strategy is the direction and scope a company takes in the long term.  The strategy takes forward the company's resources and market needs.  Business Strategy should lead to greater profitability and success.  Business Strategy is to beat the competition.  It also means

• the company vision, corporate strategy and company objectives,
• strategy and tactics to reach the company objectives,
• the milestones and steps on the way towards the objectives,
• who is responsible for taking each step to move ahead,
• the company's risks and external factors for evaluation to plan alternative strategies as required.

Modern theory of Business Strategy:

Strategising is much more than visioning, forecasting, and planning in a changing environment and economy.  All strategy must end in implementation in the final analysis.

Strategy is matching internal capabilities of the company to its external environment.

Today Business Strategy is a set of analytic techniques for better understanding and then influencing a company's position in its actual and potential market place.

Business Strategy today is a subject of application more than discipline.  The strategy formulation and its implementation are bound together in an organizational structure.

Competitive Strategy:

The company has to be competitor oriented to succeed.  The right competitive strategy is to avoid the strengths of the competitors and look for their weaknesses and attack those weaknesses with your strengths.

Building Sustainable Competitive Advantage:

A value creating strategy must be constantly implemented based on internal organizational resources and capabilities that cannot replicated by competitors.

What are the Competitive Advantages: 

• Inernal competencies and capabilities,
• Consumer focus,
• Dynamic strategy,
• Innovation,
• Organization and processes.

Business Strategy and its implementation is what it takes the business to succeed.

Questions:

• What is the need for a business strategy?
• What are the competitive advantages?