A business strategy is basically the purpose of sketching the long term direction of the business house. It plans the activities of the business in terms of the scope and the opportunities of the firm in the market. Business strategy is often referred as a process as it is an ongoing event. …
Strategy is the other term for business planning to obtain competitive advantage in the market and to analyze the future events to operate successfully in uncertainty. The business strategies of an organization aim at bringing out strategic decisions about the choice of products, customer needs, and new opportunities in the terms of market and technology and other important decisions which help the firm to gain a competitive advantage in the market.
The business houses cannot take appropriate and important decisions without the availability of the complete information of the external environment. Business organizations cannot run in vacuum and it has to involve the external environment. There are many related parties to the business like the customers, society, environment, employees, creditors etc. It is very important for the firm to have a complete knowledge about its internal and external environments. A thorough study of the internal and external processes of the organization helps it to understand its strengths by establishing the points or the areas where the organization is good at as well as understanding its weaknesses, the areas where further improvement is required. This analysis would further help in understanding the external environments to understand the scope of the organization in the future. The strategic planning and recommendation requires the thorough understanding of the internal environments of the organization so as to plot the strategies accordingly, for the maximization of the benefits drawn from the strategies. The stake holders of an organization play an important part in the policy formation and implementation of the strategies. ...
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(“BUSINESS STRATEGY Essay Example | Topics and Well Written Essays - 2000 words”, n.d.)
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(BUSINESS STRATEGY Essay Example | Topics and Well Written Essays - 2000 Words)
“BUSINESS STRATEGY Essay Example | Topics and Well Written Essays - 2000 Words”, n.d. https://studentshare.net/miscellaneous/402000-business-strategy.
It therefore represents the best attempt that the management can make at de?ning and securing the future of that business” (Oxford University Press, n.d., p.1). Each of the businesses should have their own business strategies to survive the competition and compete over its competitors.
For example, globalization has produced revolutionary changes in the domestic and cross border business activities. The importance of business processing and customer processing has been understood by the organizations more than ever under the current globalized business environment.
A well thought about and precisely considered business strategy gives guidance to a firm’s commercial success, but on the other hand, one that has not be fully understood and weak strategy is likely to result into a company’s demise or fall. (Kourdi, 2009 p3) A business should always have the right resources and the capability to be in the best position to exploit opportunities and to respond to the threats in a business environment.
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Keeping our business rival close is the strategy that Sharpe considers in doing so we ensure communication with the barley and be sure not to leak our business secrets to our competitors. When communicating with the
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