Defining Strategy for Business

DEFINING STRATEGY FOR BUSINESS

RAZI SALIH

DEFINING STRATEGY FOR BUSINESS

BY RAZI SALIH

The word ‘strategy’ has its origins in the old Greek words ‘stratus’ and ‘ago’, which translate individually as army and leading.

Strategy in business can be defined as the actions taken by a company and its management to achieve objectives, and the direction it sets in pursuit of these goals.

Integration A key part of business strategy is the integration of organisational activities and the allocation and utilisation of resources to meet the present company objectives. Strategy helps business

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owners to plan for every eventuality and therefore be better placed to deal with unexpected events which might affect the direction of the business.

Long-Term Developments Business strategy focuses on the long-term developments of the company, rather than the short-term planning required for routine operation. Strategy looks at the probability of innovation within the company, including new products and services, new markets, and new methods of production.

Predicting Behaviours Strategy can be used to help predict behaviours from both consumers and employees to better determine the direction the business needs to move in. Strategy can also predict how competitors are likely to behave in future to develop plans to increase market share.

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You can learn more about digital marketing strategies by visiting the blog of Razi Salih.