Businesses worldwide sell goods and services in competitive markets that require them to increase the value for owners and shareholders to secure their future existence. This calls for a plan that helps managers guide their decisions and use resources effectively to achieve key objectives. This plan is also known as a business strategy. This article will cover: What a business strategy is The difference between strategy and tactics Levels of business strategies Corporate level strategies Business level strategies Functional level strategies Why having a business strategy is important How to formulate a business strategy Step 1: Define your vision Step 2: Set your top-level objectives Step 3: Analyse your business and the market Step 4: Define how to gain competitive advantage Step 5: Build a strategy framework What is a business strategy? The definition is as straightforward as it can be confusing when reading it first: A business strategy outlines the plan of action to achieve the vis...
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