In this context, Strategy is a precise statement that defines how a business intends to achieve its long term objectives or set of goals. It is an implementation of activities and resources put together in their best form to produce a desired outcome. These statements are usually established by the business owners and decision makers of an organization, solely to promote effective management and success. Furthermore, a strategy is subject to change.
Strategy could be further divided into two; Corporate and Business Strategy.
Corporate Strategy: This involves all the activities that are carried out within an organization. It is concerned with the performance and welfare of the business and its members. Internal strengths and weakness of the entity is measured, and seeks ways to balance them to maximize productivity.
Business Strategy: Is focused on an organisations external opportunities and threats. It tries to figure out the best ways to expand its market, secure customer interest, defeat its competitors, and other environmental factors that are related to the business.
Hi! I am a Senior student at the American University of Nigeria (Yola), majoring in Business Management. I wish to share and discuss my findings with all on Business Policy and Strategy. My write-ups will be based on the lessons learnt from my (Business Policy and Strategy) class, and other relevant sources. I hope you find this helpful, have a good read!
