Business startergy

• Business strategy


  Plan to achieve a business objective
• Whether the business wants to enter new markets or develop
• Objective


  Different from a strategy
• The corporate objective or the strategy comes first?
• Business strategy


  • Concentrates all the activities of a business
  • Enables players in different departments to plan so that what they do contributes to the overall strategy
• Strategic management


  • The decisions and actions that an organisation takes in order to create and sustain competitive advantage
  • Involves assessing the current position of the business and the business environment, deciding what strategy to adopt to achieve its objectives, and effectively implementing that strategy
• Strategic management process


  • Analysis
  • Choice
  • Implementation
• Which comes first in the strategic management process: choice, implementation or analysis?
• Corporate strategy


  • Sets out the overall objective and direction for the business in working through the strategic framework
  • All parts of the business then have to plan accordingly
• Elements of strategic management


  • Analysis
  • Choice
  • Implementation
• The SWOT analysis helps develop appropriate strategies based on these factors
• Functional strategy


  Decisions in these areas est, take aunt of the strategic management requires a business to think abou
• The need for strategic management


  • the reasons it exists
  • the naket environment it operates in
  • the opportunities and threats it is facing
  • the possibilities for achieving objectives
• Strategic management


  1. coordinate activities in departments and functional

  2. plan and carry out methods to achieve objectives

  3. detect and respond flexibly to changes

  4. ate and review progress towards objectives
• Red ocean strategy


  • Competing in the casting market space
  • Ampting to light and the fighting for existing demand
• Blue ocean strategy


  • Creating an Aiming the Creating new demand
  • Focusing on dillesand
• Scenario planning


  • Managers use experts to imagine pouble the future in their industry
  • Does not assume the future will be like the past
• SWOT analysis


  • Examines the internal strengths and weaknesses of a business and the external threats and opportunities facing it
  • Can be used to take advantage of the eppertonite
  • The SWOT factors can be assigned different degrees of importance
  • Specific strategies or tactics can be identified to enhance or minimise the effects of the factors
• Functional strategy


  A type of strategy that focuses on the specific functions or departments within a business, such as marketing, finance, or operations