Definition of Business Strategy



Business strategy is a road map set by the management to achieve the long term goals of the company. Business strategy defines the action plan which is important for organizational success. Business strategy helps the organization to gain a competitive advantage in the market, improve overall performance, customer and organizational support, and tackling threats from competitors.

 


Business strategy is developed to achieve what the company is looking to be in the near or longer future. Developing an effective business strategy is not enough for businesses to succeed. Sometimes businesses face unforeseen challenges that are not part of the business but dealing with them requires experience and resources.


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