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 == What is Business Strategy? ==
-A '''[[business]] [[strategy]]''' is the means by which an organization sets out to achieve its desired objectives. It can simply be described as long-term [[business planning]]. Typically a business strategy will cover a period of about 3-5 years (sometimes even longer).<ref>[http://businesscasestudies.co.uk/business-theory/strategy/business-strategy.html#axzz3n2pGLlKI Definition of Business Strategy]</ref>
+A '''business strategy''' is the means by which an organization sets out to achieve its desired objectives. It can simply be described as long-term [[business planning]]. Typically a business strategy will cover a period of about 3-5 years (sometimes even longer).<ref>[http://businesscasestudies.co.uk/business-theory/strategy/business-strategy.html#axzz3n2pGLlKI Definition of Business Strategy]</ref>
 A business strategy is a set of guiding principles that, when communicated and adopted in the organization, generates a desired pattern of decision-making. It is, therefore, about how people throughout the organization should make decisions and allocate resources in order to accomplish key objectives. A good strategy provides a clear roadmap, consisting of a set of guiding principles or rules, that defines the actions people in the business should take (and not take) and what they should prioritize (and not prioritize) to achieve desired goals.<ref>[https://hbr.org/2007/09/demystifying-strategy-the-what%20demystifying-strategy-the-what What does Business Strategy Mean?]</ref>
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 == The Need for Business Strategy<ref>[http://pestleanalysis.com/what-is-a-business-strategy/ Why Do We Need a Business Strategy]</ref> ==
-In almost every case, it is ideal to retain customers than to constantly chase new ones. And this is one major area where business strategy is extremely necessary.  Without a sound Business Plan, you will find it hard to generate customer loyalty. Businesses that have no specific guidelines on how to cater to existing customers risk alienating the latter, and a competitor can easily snatch them out of your hand just by emphasizing customer service. So, what you need to do is develop a ''robust system of follow-up'' where calls are made. Emails are sent to repeat customers not only to ensure that their products are operating properly but also to let them know that your business cares for them. And depending on the line of your business, you can also send greeting cards and gifts to repeat clients on occasions like Christmas. Another place in which a business strategy comes in handy is "resource allocation''. Your business, no matter how big, will always have limited resources on hand, which necessitates efficient management so that these resources can be used with maximum efficacy. A sound business plan helps you weave together resources like employees, brand value, clientele, trademarks, supply partners, etc., to achieve a [[Competitive Advantage|competitive advantage]] and also create products and promotion that speaks directly to your target market. If resources are not managed efficiently, then the business is likely to lose both revenue and customers in the long run. Thirdly, ''business expansion'' is also a goal that cannot be achieved without a strategy. Suppose your expansion goals are laid out in great detail. In that case, it will help team leaders and executives to explore opportunities outside of your standard business practice to facilitate company expansion. You will be able to set aside a budget and hire appropriate people for market research that can not only collect and collate data but also analyze trends to help you spot untapped niches.
+In almost every case, it is ideal to retain customers than to constantly chase new ones. And this is one major area where business strategy is extremely necessary.  Without a sound Business Plan, you will find it hard to generate customer loyalty. Businesses that have no specific guidelines on how to cater to existing customers risk alienating the latter, and a competitor can easily snatch them out of your hand just by emphasizing customer service. So, what you need to do is develop a ''robust system of follow-up'' where calls are made. Emails are sent to repeat customers not only to ensure that their products are operating properly but also to let them know that your business cares for them. And depending on the line of your business, you can also send greeting cards and gifts to repeat clients on occasions like Christmas. Another place in which a business strategy comes in handy is "resource allocation''. Your business, no matter how big, will always have limited resources on hand, which necessitates efficient management so that these resources can be used with maximum efficacy. A sound business plan helps you weave together resources like employees, brand value, clientele, trademarks, supply partners, etc., to achieve a competitive advantage and also create products and promotion that speaks directly to your target market. If resources are not managed efficiently, then the business is likely to lose both revenue and customers in the long run. Thirdly, ''business expansion'' is also a goal that cannot be achieved without a strategy. Suppose your expansion goals are laid out in great detail. In that case, it will help team leaders and executives to explore opportunities outside of your standard business practice to facilitate company expansion. You will be able to set aside a budget and hire appropriate people for market research that can not only collect and collate data but also analyze trends to help you spot untapped niches.
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 *Generic Strategies: The main types of generic strategies that organizations can pursue are:<br />
 **Growth, i.e., the expansion of the company to purchase new assets, including new businesses, and to develop new products. The Inland Revenue has expanded from being a tax collector to other functions such as collecting student loan repayments and paying tax credits.<br />
-**Internationalisation/globalization, i.e., moving operations into more and more countries. For example, companies like Gillette, Coca-Cola, Kellogg's, and Cadbury Schweppes are major multinationals with operations across the globe.<br />
+**Internationalization/globalization, i.e., moving operations into more and more countries. For example, companies like Gillette, Coca-Cola, Kellogg's, and Cadbury Schweppes are major multinationals with operations across the globe.<br />
 **Retrenchment involves cutting back to focus on your best lines. The Americans refer to this as 'sticking to the knitting' - i.e., concentrating on what you do best.
 *Competitive Strategies: Competitive strategies are also important. Competitive strategies are concerned with doing things better than rivals. To be competitive a firm shouldn't just copy the ideas of rivals. They should seek to out-compete rivals. There are two main ways of being competitive.
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 *Creating the key objectives and goals of your business for the short and long term and creating a message employees and colleagues can stand behind.
 *Reflecting critically on the real weakness of your business internally and externally.
-*Evaluating the possible risks your business may encounter, .i.e, weakness in product/service performance compared to the competition.
+*Evaluating the possible risks your business may encounter, i.e, weakness in product/service performance compared to the competition.
 *Evaluating future market changes that will or may affect your customer and anticipating those changes.
 *Describing your financial features and requirements. For example, displaying your costs, ROI, profits and losses, and what future investment may be needed.
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 *[[Corporate Governance]]: The mechanisms, processes, and relations by which corporations are controlled and operated. Governance structures and principles identify the distribution of rights and responsibilities among different participants in the corporation and include the rules and procedures for making decisions in corporate affairs.
 *[[Miles and Snow's Organizational Strategies]]
-*[[Value_Chain_Analysis|Value Chain Analysis]]
+*[[Value Chain Analysis]]
 *[[E-Strategy|e-Strategy]]
 *[[Enterprise Architecture]]

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 == What is Business Strategy? ==
-A '''[[business]] [[strategy]]''' is the means by which an organization sets out to achieve its desired objectives. It can simply be described as long-term business planning. Typically a business strategy will cover a period of about 3-5 years (sometimes even longer).<ref>[http://businesscasestudies.co.uk/business-theory/strategy/business-strategy.html#axzz3n2pGLlKI Definition of Business Strategy]</ref>
+A '''[[business]] [[strategy]]''' is the means by which an organization sets out to achieve its desired objectives. It can simply be described as long-term [[business planning]]. Typically a business strategy will cover a period of about 3-5 years (sometimes even longer).<ref>[http://businesscasestudies.co.uk/business-theory/strategy/business-strategy.html#axzz3n2pGLlKI Definition of Business Strategy]</ref>
 A business strategy is a set of guiding principles that, when communicated and adopted in the organization, generates a desired pattern of decision-making. It is, therefore, about how people throughout the organization should make decisions and allocate resources in order to accomplish key objectives. A good strategy provides a clear roadmap, consisting of a set of guiding principles or rules, that defines the actions people in the business should take (and not take) and what they should prioritize (and not prioritize) to achieve desired goals.<ref>[https://hbr.org/2007/09/demystifying-strategy-the-what%20demystifying-strategy-the-what What does Business Strategy Mean?]</ref>

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 Business Strategy refers to the set of actions and decisions that a business takes to reach its goals and be competitive in its industry. It involves allocating resources, scheduling activities, and implementing plans to develop a competitive advantage, improve customer satisfaction, and achieve efficient operations.
-*Competitive Advantage: A condition or circumstance that puts a company in a favorable or superior business position. The strategies focus on developing unique attributes that allow for differentiation from competitors or cost leadership.
+*[[Competitive Advantage]]: A condition or circumstance that puts a company in a favorable or superior business position. The strategies focus on developing unique attributes that allow for differentiation from competitors or cost leadership.
 *[[SWOT Analysis|SWOT Analysis (Strengths, Weaknesses, Opportunities, Threats)]]: A strategic planning tool used to identify and understand the internal and external factors that will impact the company's future success. It helps formulate strategies that leverage strengths, address weaknesses, capitalize on opportunities, and mitigate threats.
 *[[Market Segmentation]]: The process of dividing a broad consumer or business market, normally consisting of existing and potential customers, into sub-groups of consumers (known as segments) based on shared characteristics. It aids in targeting marketing efforts and strategic focus.

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 == What is Business Strategy? ==
-A '''business strategy''' is the means by which an organization sets out to achieve its desired objectives. It can simply be described as long-term business planning. Typically a business strategy will cover a period of about 3-5 years (sometimes even longer).<ref>[http://businesscasestudies.co.uk/business-theory/strategy/business-strategy.html#axzz3n2pGLlKI Definition of Business Strategy]</ref>
+A '''[[business]] [[strategy]]''' is the means by which an organization sets out to achieve its desired objectives. It can simply be described as long-term business planning. Typically a business strategy will cover a period of about 3-5 years (sometimes even longer).<ref>[http://businesscasestudies.co.uk/business-theory/strategy/business-strategy.html#axzz3n2pGLlKI Definition of Business Strategy]</ref>
 A business strategy is a set of guiding principles that, when communicated and adopted in the organization, generates a desired pattern of decision-making. It is, therefore, about how people throughout the organization should make decisions and allocate resources in order to accomplish key objectives. A good strategy provides a clear roadmap, consisting of a set of guiding principles or rules, that defines the actions people in the business should take (and not take) and what they should prioritize (and not prioritize) to achieve desired goals.<ref>[https://hbr.org/2007/09/demystifying-strategy-the-what%20demystifying-strategy-the-what What does Business Strategy Mean?]</ref>
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 == The Need for Business Strategy<ref>[http://pestleanalysis.com/what-is-a-business-strategy/ Why Do We Need a Business Strategy]</ref> ==
-In almost every case, it is ideal to retain customers than to constantly chase new ones. And this is one major area where business strategy is extremely necessary.  Without a sound Business Plan, you will find it hard to generate customer loyalty. Businesses that have no specific guidelines on how to cater to existing customers risk alienating the latter, and a competitor can easily snatch them out of your hand just by emphasizing customer service. So, what you need to do is develop a ''robust system of follow-up'' where calls are made. Emails are sent to repeat customers not only to ensure that their products are operating properly but also to let them know that your business cares for them. And depending on the line of your business, you can also send greeting cards and gifts to repeat clients on occasions like Christmas. Another place in which a business strategy comes in handy is "resource allocation''. Your business, no matter how big, will always have limited resources on hand, which necessitates efficient management so that these resources can be used with maximum efficacy. A sound business plan helps you weave together resources like employees, brand value, clientele, trademarks, supply partners, etc., to achieve a competitive advantage and also create products and promotion that speaks directly to your target market. If resources are not managed efficiently, then the business is likely to lose both revenue and customers in the long run. Thirdly, ''business expansion'' is also a goal that cannot be achieved without a strategy. Suppose your expansion goals are laid out in great detail. In that case, it will help team leaders and executives to explore opportunities outside of your standard business practice to facilitate company expansion. You will be able to set aside a budget and hire appropriate people for market research that can not only collect and collate data but also analyze trends to help you spot untapped niches.
+In almost every case, it is ideal to retain customers than to constantly chase new ones. And this is one major area where business strategy is extremely necessary.  Without a sound Business Plan, you will find it hard to generate customer loyalty. Businesses that have no specific guidelines on how to cater to existing customers risk alienating the latter, and a competitor can easily snatch them out of your hand just by emphasizing customer service. So, what you need to do is develop a ''robust system of follow-up'' where calls are made. Emails are sent to repeat customers not only to ensure that their products are operating properly but also to let them know that your business cares for them. And depending on the line of your business, you can also send greeting cards and gifts to repeat clients on occasions like Christmas. Another place in which a business strategy comes in handy is "resource allocation''. Your business, no matter how big, will always have limited resources on hand, which necessitates efficient management so that these resources can be used with maximum efficacy. A sound business plan helps you weave together resources like employees, brand value, clientele, trademarks, supply partners, etc., to achieve a [[Competitive Advantage|competitive advantage]] and also create products and promotion that speaks directly to your target market. If resources are not managed efficiently, then the business is likely to lose both revenue and customers in the long run. Thirdly, ''business expansion'' is also a goal that cannot be achieved without a strategy. Suppose your expansion goals are laid out in great detail. In that case, it will help team leaders and executives to explore opportunities outside of your standard business practice to facilitate company expansion. You will be able to set aside a budget and hire appropriate people for market research that can not only collect and collate data but also analyze trends to help you spot untapped niches.
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 === Business and IT Alignment ===
-Business IT Alignment is a discipline that matches IT strategy with business strategy with the goal of maximizing the value created by the enterprise. An IT Strategy is crafted in response to a Business Strategy and sometimes drives changes in business strategy. This [https://cioindex.com/reference/it-strategy-presentation/ IT Strategy Presentation] provides a good overview of business IT alignment.
+[[Business IT Alignment]] is a discipline that matches IT strategy with business strategy with the goal of maximizing the value created by the enterprise. An [[IT Strategy (Information Technology Strategy)|IT Strategy]] is crafted in response to a Business Strategy and sometimes drives changes in business strategy. This [https://cioindex.com/reference/it-strategy-presentation/ IT Strategy Presentation] provides a good overview of business IT alignment.
 == See Also ==
 *[[Miles and Snow's Organizational Strategies]]
 *[[Value_Chain_Analysis|Value Chain Analysis]]
 *[[E-Strategy|e-Strategy]]

← Older revision		Revision as of 18:59, 25 August 2023
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	*[[Value_Chain_Analysis\|Value Chain Analysis]]		*[[Value_Chain_Analysis\|Value Chain Analysis]]
	*[[E-Strategy\|e-Strategy]]		*[[E-Strategy\|e-Strategy]]
		+	*[[Enterprise Architecture]]

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 == The Need for Business Strategy ==
 '''Why is there a Need for Business Strategy'''<ref>Why Do We Need a Business Strategy [http://pestleanalysis.com/what-is-a-business-strategy/ Pestle Analysis]</ref><br />
-In almost every case, it is ideal to retain customers than to constantly chase new ones. And this is one major area where business strategy is extremely necessary.  In the absence of a sound [[Business Plan]], you will find it hard to generate customer loyalty. Businesses that have no specific guidelines on how to cater to existing customers risk alienating the latter, and a competitor can easily snatch them out of your hand just by emphasizing customer service. So, what you need to do is develop a ''robust system of follow-up'' where calls are made and emails are sent to repeat customers not only to ensure that their products are operating properly but also to let them know that your business cares for them. And depending on the line of your business, you can also send greeting cards and gifts to repeat clients on occasions like Christmas. Another place in which a business strategy comes in handy is "[[Resource Allocation|resource allocation]]''. Your business, no matter how big, will always have limited resources on hand, which necessities the need of efficient management so that these resources can be used with maximum efficacy. A sound business plan helps you weave together resources like employees, [[Brand Value|brand value]], clientele, trademarks, and supply partners, etc, to achieve a [[Competitive Advantage|competitive advantage]] and also create products and promotion that speaks directly to your [[Target Market|target market]]. If resources are not managed efficiently, then the business is likely to lose both revenue and customers in the long run. Thirdly, ''[[Business Expansion|business expansion]]'' is also a goal that cannot be achieved without a strategy. If your expansion goals are laid out in great detail, then it will help team leaders and executives to explore opportunities outside of your standard business practice to facilitate company expansion. You will be able to set aside a budget and hire appropriate people for [[Market Research|market research]] that can not only collect and collate data but also analyze trends to help you spot untapped niches.
+In almost every case, it is ideal to retain customers than to constantly chase new ones. And this is one major area where business strategy is extremely necessary.  In the absence of a sound [[Business Plan]], you will find it hard to generate customer loyalty. Businesses that have no specific guidelines on how to cater to existing customers risk alienating the latter, and a competitor can easily snatch them out of your hand just by emphasizing customer service. So, what you need to do is develop a ''robust system of follow-up'' where calls are made and emails are sent to repeat customers not only to ensure that their products are operating properly but also to let them know that your business cares for them. And depending on the line of your business, you can also send greeting cards and gifts to repeat clients on occasions like Christmas. Another place in which a business strategy comes in handy is "resource allocation''. Your business, no matter how big, will always have limited resources on hand, which necessities the need of efficient management so that these resources can be used with maximum efficacy. A sound business plan helps you weave together resources like employees, [[Brand Value|brand value]], clientele, trademarks, and supply partners, etc, to achieve a [[Competitive Advantage|competitive advantage]] and also create products and promotion that speaks directly to your [[Target Market|target market]]. If resources are not managed efficiently, then the business is likely to lose both revenue and customers in the long run. Thirdly, ''[[Business Expansion|business expansion]]'' is also a goal that cannot be achieved without a strategy. If your expansion goals are laid out in great detail, then it will help team leaders and executives to explore opportunities outside of your standard business practice to facilitate company expansion. You will be able to set aside a budget and hire appropriate people for [[Market Research|market research]] that can not only collect and collate data but also analyze trends to help you spot untapped niches.
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 == Social Business Strategy ==
 '''Success Factors of Social Business Strategy (See Figure 1.)'''<ref>The Seven Success Factors of Social Business Strategy [http://www.briansolis.com/2015/04/7-success-factors-social-business-strategy-infographic/ Brian Solis]</ref><br />
-Social business is not a marketing strategy or a [[IT Roadmap|technology roadmap]] but rather a way or philosophy of how business could be done differently…in a much more human manner. Let’s start with Altimeter’s definition of a successful Social Business Strategy (SBS). It is one that aligns with the strategic business goals and has alignment and support throughout the organization.
+Social business is not a marketing strategy or a technology roadmap but rather a way or philosophy of how business could be done differently…in a much more human manner. Let’s start with Altimeter’s definition of a successful Social Business Strategy (SBS). It is one that aligns with the strategic business goals and has alignment and support throughout the organization.
 *Define the overall business goals: You can’t align your social strategy with your business objectives if you don’t even know what your objectives are.
 *Establish the long-term vision: If you’re not striving toward the end goal, you’re likely to veer off the path. If you want your team to fully invest in your social strategy — and you need the support of your entire team – you’ll need to communicate your vision with clarity and passion.
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 '''Business and IT Alignment'''<br />
-[[Business_IT_Alignment|Business IT Alignment]] is a discipline that matches IT strategy with business strategy with the goal of maximizing the value created by the enterprise. An [[IT Strategy (Information Technology Strategy)|IT Strategy]] is crafted in response to a Business Strategy and sometimes drives changes in business strategy. This [https://cioindex.com/reference/it-strategy-presentation/ IT Strategy Presentation] provides a good overview of business IT alignment.
+[[Business_IT_Alignment|Business IT Alignment]] is a discipline that matches IT strategy with business strategy with the goal of maximizing the value created by the enterprise. An IT Strategy is crafted in response to a Business Strategy and sometimes drives changes in business strategy. This [https://cioindex.com/reference/it-strategy-presentation/ IT Strategy Presentation] provides a good overview of business IT alignment.
 ===See Also===
 *[[Miles and Snow's Organizational Strategies]]
 *[[Five_Forces_Model|Five Forces Model]]
 *[[Value_Chain_Analysis|Value Chain Analysis]]
 *[[E-Strategy|e-Strategy]]

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 ===See Also===
 *[[Strategy|Strategy]]
 *[[Strategic_Alignment|Strategic Alignment]]