Strategy is the direction of an organization over the long-term: that achieves advantage for the organization through its configuration of resources among a challenging environment, to satisfy the requirement of markets and to fulfill neutral expectations.
In other words, Business strategy is that the science, art and craft of creating, implementing and evaluating cross-functional decision that may modify an organization to achieve its long-term objectives, Developing policies and plans, typically in terms of projects and programs, which are designed to realize these objectives, so allocating resources to implement the policies and plans, projects and programs.
In other Words, Business Strategy is About:
- Where is the business attempting to get to in the long-term?
- Which markets should a business contend in and what kind of activities are involved in such markets?
- How will the business perform better than the competition in those markets?
- What resources are needed in order to be able to compete?
- What external, environmental factors have effect on the businesses’ ability to compete?
- What are the values and expectations of those who have power in and around the business?
Business strategy management is the highest level of managerial activity. Strategies are generally planned, crafted or guided by the chief officer, approved or authorized by the Board of administrators, and then enforced under the supervision of the organization’s prime management team or senior executives. It involves the formulation and implementation of the main goals and initiatives taken by a company’s prime management on behalf of owners, supported thought of resources associated an assessment of the internal and external environments within which the organization competes.
Strategy provides overall direction to the enterprise and involves specifying the organization’s objectives, developing policies and plans designed to achieve attain objectives, and then allocating resources to implement the plans. Academics and active managers have developed various models and frameworks to help in strategic deciding making within the context of complex environments and competitive dynamics. Strategic management isn’t static in nature; the models typically include a feedback loop to monitor execution and inform the next round of planning.