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Business strategy

A business strategy is plan that lays out the direction a business will follow and the

steps taken to achieve its set goals . It is a means by which a business or organisation sets

out to achieve its objectives. (WiseGEEK, 2013). A business strategy is developed by

following three processes as shown in the diagram

Fig 1 showing the steps followed in developing a business strategy

Modelled fromhttp://www.wisegeek.org

A business strategy is a long term business planning in which during the analysis process,

the business or organisations analyses market position , resources ,obstacles to success

and competitive advantage . The goal in strategic analysis is to identify what the business

wants to achieve , the strength it can bring in achieving the goal and weaknesses thatneed to be addressed prior to integration and implementation . In strategic analysis ,the

methodologies involve evaluating the business environment , competitive advantage ,

determining what market forces are at work and so on .(Nickols.us. 2013.)

Integration of the business strategy is an important step in the business planning process. A

business will usually begin with a plan with an overall vision from there a mission

statement is formulated which leads to specific goals the business will need to achieve

to accomplish its mission leading to a strategy being developed to achieve goals . This

approach is communicated to all levels of employees where they are made to understand

how the strategy will affect the daily activities of the business. (Kearns, 2003)This makes it

possible to integrate the strategy throughout the business

Implementation is the last step taken in achieving business goals, it follows assessment and

integration .In implementation specific task are developed to support the strategy, teams

have subsection of the business strategy which they focus on

A businesses strategy involve the measurement of the overall goals established to

accomplish the business mission . Goals are split into business units and the time taken to

accomplish them. (Grieve Smith, 1990) The business strategy also involves a periodic

comparison of current progress against goals based on how well the set goals have been

achieved .If there is irregularities in achieving those goals the strategic analysis processis repeated to adjusted the strategy

Analysis

intergrattion

implementatiom

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References

1.Businesscasestudies.co.uk. 2013. Business strategy Business strategy business studies and business

english | The Times 100. [online] Available at: http://businesscasestudies.co.uk/business-

theory/strategy/business-strategy.html#axzz2izWi3MFT [Accessed: 28 Oct 2013].

2. Grieve Smith, J. 1990. Business strategy. Oxford: B. Blackwell.3. Kearns, P. 2003. HR strategy. Amsterdam: Butterworth-Heinemann.4. Nickols.us. 2013. Strategy: Definitions and Meaning. [online] Available at:

http://www.nickols.us/strategy_definition.htm [Accessed: 28 Oct 2013].

5. wiseGEEK. 2013. What Is a Business Strategy?. [online] Available at: http://www.wisegeek.org/what -is-a-business-strategy.htm [Accessed: 28 Oct 2013].