What is Strategy?
Many companies have been successful while an equal number has also failed too. The success or failure of a business rests on its ability to achieve the needed market advantages. This requires that the business should come up with proper strategies that ensure continued success. In this regard, business strategy can be said to refer to the manner in which each business organizes the available resources to ensure success (Porter 8). The best policies should ensure that businesses succeed at the current time as well as in the future.
According to the article, strategy is based on coming up with a new set of rules that can be used to ensure the business is different from the competition. The new rules are established as per the needs of each business with particular attention being on issues such as customer’s satisfaction. Business strategies are expected to ensure that the company can serve the needs of the market in the most efficient manner (Porter 12). The strategies should also ensure fair competition within the market and take into account any market changes now and in the future.
The strategy also deals with the positioning of the business relative to other factors such as competing firms as well as pricing and product innovation. Strategy seeks to ensure that aspects such as partnerships and re-engineering can be used to ensure business continues to enjoy sustainable profitability (Porter 2). Strategy also deals with …
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