Business strategy is concerned with how the business competes within it's particular sector. The goal of business strategy is to gain sustainable competitive advantage in order to be able to achieve the company's purpose and objectives. A well-formulated business strategy is a definition of the goal and the ways that the business is going to achieve that goal.
Having a great business strategy is the heart of every business, and it can turn mediocre performance into an impressive success. A fundamental part of developing a business strategy is to understand in detail who the main competitors are and where their strengths and weaknesses lie. Therefore, business strategy is also referred to as competitive strategy.
Strategic thinking is key to making your business really work. Everything that an organisation does involves strategic assumptions and actions. As such, a strategy is just one element of the overall strategic direction that leaders must define for their organizations.
Technology has a powerful role to play in the creation of value for a business. Mitigating the technology aspects but ignoring the business strategy is no better than building a new system that doesn't match the business strategy to begin with. Being pulled from different directions forces you to innovate and push technology to the limits.
Business strategy must be accounted for to ensure that a firm’s market opportunities, brand opportunities, and core competencies are being fully exploited in all marketing activities.
Business strategy is concerned with how the firm competes within a particular industry. Business strategy is now clearly back with a vengeance.