What is Business Strategy Essay

What is Business Strategy Essay

Length: 1732 words (4.9 double-spaced pages)

Rating: Powerful Essays

Open Document

Essay Preview

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...

... middle of paper ...

...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.


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

Need Writing Help?

Get feedback on grammar, clarity, concision and logic instantly.

Check your paper »

Essay about Business Strategy Analysis

- Business Strategy Analysis A) Actionable Key Issues and Consequences 1) Invest more in Research and Development department in RLK a. If Lars decides to invest around $6 million more in research and development, it is highly risky as the company’s survival depends largely on the success of the launch of Ray’s new product into the market. b. Since customers associate RLK with high-end audio-video design, pumping money into R&D would increase their brand equity as well as to live up to consumers’ expectations of their highly innovative products....   [tags: Business Strategy Analysis]

Free Essays
1612 words (4.6 pages)

The Business Strategy of Kudler Fine Foods Essay

- The Business Strategy of Kudler Fine Foods Kudler Fine Foods is the vision of Kathy Kudler, founder and owner. Kudler Fine Foods represents the finest ingredients for gourmet cooking. Epicurean food shops are rare in the San Diego metropolitan area. Kathy's creation of a local upscale specialty food store has proven that business is good in the fashionable shopping centers that Kudler stores are located....   [tags: Business Analysis Strategy Management]

Free Essays
1639 words (4.7 pages)

Essay about Business Strategy Report for Quaker Oats

- Business Strategy Report for Quaker Oats Abstract Organizations use strategies to impact their performance against competitors in their respective industries. The process by which managers choose a set of strategies for the enterprise is the strategic management process. (Hill & Jones, 2001, pg. 4) This report will discuss a business strategy report for Quaker Oats Inc. Business Strategy Report for Quaker Oats The Quaker Oats Company was officially formed in 1901 when several American pioneers in oat milling came together to incorporate the company....   [tags: Business Analysis Strategy ]

Powerful Essays
1322 words (3.8 pages)

Business Strategy of Virgin Atlantic Airlines Essay examples

- Business Strategy of Virgin Atlantic Airlines Contents 1) Introduction to airline industry 2) Drivers of globalisation using yip’s model 2.1 Market globalisation 2.2 Cost globalisation 2.3 Globalisation of government policies 2.4 Globalisation of competition 3) Localisation- arguments against globalisation 4) Pestle Analysis 5) Porter’s 5 forces analysis and their application to Airline industry 5.1 Rivalry amongst Existing Firms 5.2 Threat of substitution 5.3 Threat of new entrants 5.4 Power of customers 5.5 Power of buyers 6) Opportunities and Threats of Airline industry 7) Internal analysis of Virgin Airlines: Strengths and Weakness 8) Financial Statics of Virgin Atlant...   [tags: Airline Business Analysis Strategy]

Powerful Essays
1892 words (5.4 pages)

Critically Discuss The Various Existing Models Linking Organizational/ Business Strategy With Hrm Strategy

- In today’s rapidly changing globalised business environment, human capital has become one of the keys to competitive advantage. Consequently, any good business strategy must fully utilise the inimitable assets of people through their knowledge, skills and abilities. This highlights the need for strategic human resource management (SHRM). The key assumption of SHRM is that organisational performance is affected by employees through a set of human resource (HR) practices (Pan et al 2006). A review of the literature linking HR practices to business strategy shows two conflicting perspectives in SHRM....   [tags: Business Strategy]

Powerful Essays
1912 words (5.5 pages)

Pricing Strategy for Business Markets Essay

- Pricing Strategy for Business Markets Pricing decisions cannot be made in a vacuum because of inherent tradeoffs between other marketing mix elements, pricing will depend on other product, distribution, and promotion decisions. Pricing can never compensate the poor execution of the other elements of the marketing mix but ineffective pricing can prevent the successful efforts of these in positive financial results. There is no one best practice for establishing the price of new products or modifying the price of existing products....   [tags: Business Marketing Strategy Analysis]

Free Essays
1502 words (4.3 pages)

Business and IT Strategy Essay

- Two organizations that show the importance of aligning a company’s business strategy with their IT strategy are Cirque du Soleil and Major League Baseball. Both of these organizations rely on digital technology to make it easier to provide to their customers better entertainment through collaboration. Cirque du Soleil, which was founded in 1984, has met a large amount of success in its short 30 years of operation. This Canadian multinational entertainment company has venues all over the world based in Canada, the United States and Japan....   [tags: cirque du soleil, major league baseball]

Powerful Essays
1781 words (5.1 pages)

The Issue Of Business Strategy Essay

- The imposition that “commercial transactions persons owe others the whole truth and nothing but the truth” (Machan, 1987, p.585) is unreasonable and therefore advertisers should not have the obligation to tell the whole truth. Carr’s argument establishes that business follows game ethics and Machan’s argument establishes that businesses do not have the obligation to tell the whole truth, I will now argue that business strategy will promote truthful practices. Carr states that “major tests of every move in business, as in all games of strategy, are legality and profit” (Carr, 1968, p.406)....   [tags: Ethics, Business ethics, Business, Management]

Powerful Essays
1208 words (3.5 pages)

Developing an e-Business Strategy Essay

- At the core of the development of an e-business strategy for any particular organization lays several issues that need to be spotted on by any person who intends to successfully develop either a B2C e-business model or a B2B e-business model. Due to the rapid development of technology and globalization in the 21st century, e-business has suddenly become an important means of conducting business transactions given the big difference in both businesses and consumers’ way of living prior and during the advent of technology....   [tags: Business Management]

Powerful Essays
1273 words (3.6 pages)

Business Strategy Essay

- LO 4.1. Plans to Implement the Strategy Birnbaum (n.d) argues that managers are often too late in implementation of the strategies that they have. According to Birnbaum, managers should start the implementation of the strategies as soon as they start making them, in the process of making them and finally they should complete the process of implementing the strategy as they finish to plan. A plan for the implementation of the Sony Ericson strategies develops from this line of thought. Pre-planning Implementation Steps The groundwork for the implementation of the strategies must be laid before the actual strategies are identified....   [tags: Birnbaum, business, implementation]

Powerful Essays
1850 words (5.3 pages)