business strategy

Business Strategy

The principles guiding how a business uses its resources to achieve its goals. A strategy states a business's focus and indicates the basic steps the business will use to achieve it. The ultimate aim of any strategy is to make money, but each company takes a different (sometimes very different) approach to achieve this goal. Business strategies are widely studied and discussed in management consulting.

business strategy

the formulation of long-term plans and policies by a firm which interlock its various production and marketing activities in order to achieve its business objectives. See FIRM OBJECTIVES, COMPETITIVE STRATEGY, HORIZONTAL INTEGRATION, VERTICAL INTEGRATION, DIVERSIFICATION.
References in periodicals archive ?
Business strategy and corporate governance in the Chinese consumer electronics sector.
In what can be viewed as the proverbial which-comes-first, chicken or egg scenario, businesses continue to grapple with a fundamental issue: Should a business strategy be formulated prior to conducting an enterprisewide risk assessment, or vice versa?
While everyone can easily envision all of the manufacturing tactics surrounding the process of producing castings, manufacturing's link to business strategy is still a mystery to many.
In addition to traditional tools and methods, they need a broader, more sophisticated understanding of business strategy to make a positive impact on business performance through communication initiatives.
He says, "Our mindset must be that this is not so much an e-business strategy, but a business strategy.
Review the results continually, adjusting business strategy as needed.
A compensation system that furthers this business strategy rewards efficiency and cost-management behaviors.
This brings us to the concept of sustainable business strategy.
How does a CEO begin to understand and grapple with issues of business strategy and marketing?

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