Business Strategy

Business Strategy

A business strategy is an actionable tool that organizations create to act as a blueprint that guides their achievement of the set mission, vision, and goals in the short-  and long-run. In company strategic planning, businesses devise mechanisms they will use to strengthen their competitive advantage, conduct internal operations, meet customer needs, increase their profitability, and allocate resources appropriately. Further, using strategic management, firms determine how they will optimize shareholders’ wealth, be technological leaders in the market, engage in corporate social responsibility activities, survive during economic challenges, and provide a favourable environment for employees.

The process of formulating a business strategy is linear and encompasses the observation of several factors. Firstly, the assigned team to conduct the above activity sets a vision for the company, which acts as a pathway that will help it achieve the mentioned elements of strategic planning (Brorström, 2019). The above experts then set objectives that the organization should meet in the short- and long-term and then design a means of doing the same, such as hiring best-fit personnel. Lastly, the team creates monitoring methods to ascertain that a business strategy is being executed as intended using performance measurement indicators, such as return on investment and customer satisfaction rates. It is often the responsibility of top business executives to plan a business strategy and determine how it will be achieved in the short- and long-run.

Lastly, the strategy above can embody two natures: the corporate plan and the business unit type. Under the corporate system, an organization’s executive team determines how a firm will achieve the competitive advantage plans devised and the measures to institute to boost internal operational performance (Tapera, 2014). In contrast, business unit strategy planning involves designing ways to capture a market niche and be the preferred option over competitors in the chosen line of market operations.

References

Brorström, S. (2019). The strategy process is a result of learning, questioning, and performing in a city organization. International Public Management Journal, 23(5), 611-630. https://doi.org/10.1080/10967494.2019.1606127

Tapera, J. (2014). The Importance of Strategic Management to Business Organizations. Research Journal of Social Sciences and Management, 3(11), 122-131. https://www.researchgate.net/publication/301801352_The_Importance_of_Strategic_Management_to_Business_Organizations

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Defining a business strategy is part of the strategic planning process and is necessary for achieving the company’s goals and objectives. The steps involved in creating a business strategy are critical, and the appropriate amount of time must be spent in getting it just right.

As the director of strategic planning, you want to ensure that all your managers understand business strategy, including what a system is, how it’s created, and who is responsible.

Prompt

Create a one-page document describing a business strategy for mid-level managers.

Specifically, it would be best if you addressed the following criteria:

Definition: Define the term business strategy in your own words.
Formulation: Briefly outline the steps involved in formulating a business strategy.
Responsibilities: Explain who is responsible for and who benefits from a good business strategy.
Corporate vs. business unit strategy: Describe at least two ways in which a corporate strategy is different from a business unit strategy.