What is Business Strategy

Powerful Essays
Task 1
What is Strategy?
Strategy is the long-term plan of an organization, which achieves advantage in a dynamic environment through fully utilization of available resources and competencies in order to achieve the goals of an organization.
Theories Related to Strategic Planning
Strategic planning is a management tool that is intended to support goals and objectives and making decision by allocating resources and it additionally helps to spot company’s strength, weakness, opportunities and threats. Business strategies are formulated in such a way that it meets the changing needs of organization in order to cope in a competitive environment.
Depending on each business’ unique characteristics and, importantly, their preferred outcomes, business strategies are of different types. Similarly, business strategies are also dependent on the structure and function of an organization.
An influencing strategic planning process involves defining organizations strategies, long term aims and objectives and allocating resources in order to achieve the ultimate goal of an organization. Before making the strategies of an organization one should know the current position of an organization. The current position of an organization shows where we are now and what kind of strategies we need to formulate in order to gain the competitive advantages in the future. Various tools such as PEST analysis, situational analysis, scenario planning are most helpful to formulate strategies of an organization.
Situational analysis
Situational analysis is a forecasting tool used by an ideal manager in order to forecast the internal and external environment of an organization to gaining competitive edges with in the changing environment. It helps to identify ex...

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...neral public and less restrictions from the government and consumer protectionists.
To recapitulate, business that incorporates ethics in their business strategy will ultimately achieve business success due to their long term commitment to their consumers, nay business environment.

Reference Tony Proctor 1997. Establishing a strategic direction: a review. Management Decision. 35/2 [1997] 143–154
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