MGT 3

• Business strategy


  A comprehensive plan or a series of actions meticulously crafted to achieve specific business goals and objectives
• Business strategy


  • Aims at gaining a competitive edge, responding to market dynamics, and attaining sustainable success within a particular industry or market
• Effective business strategy


  Demands an in-depth understanding of the market, competition, and internal capabilities
• Business strategy


  Involves strategic decision-making regarding resource allocation, target market identification, and the development of a distinctive value proposition to differentiate the organization from its competitors
• Business strategy is not a one-time endeavor but an ongoing process that adapts to changes in the business environment
• Strategy


  The overarching blueprint that outlines an organization's long-term goals and the broad approaches to achieving them
• Tactics


  The specific actions, steps, and procedures undertaken by mid-level and front-line managers to execute the strategic plan
• Strategy


  • Provides stability and a framework for decision-making, ensuring that every action aligns with the overall mission
• Tactics


  • Flexible and adaptable, responding to the dynamic and ever-changing business landscape
• Strategy


  • Aligns everyone with shared objectives, prevents deviations from the mission, and enhances internal performance
• Strategy


  • Crucial for identifying market opportunities and trends, staying competitive, fostering innovation, and creating a comprehensive organizational vision
• Value creation for customers

  The difference between customer willingness to pay (WTP) and the price of goods or services
• Successful business strategy


  • Centres on understanding value creation, increasing customer delight, firm margin, supplier surplus, and employee satisfaction
• Well-crafted business strategy


  • Optimizes every customer touchpoint, ensuring consistent and delightful experiences
• Business strategy


  • Aligns teams, resources, and processes, fostering a collaborative environment where every individual works cohesively toward common objectives
• Strategic thinking


  • Includes proactive opportunity identification, allowing businesses to capitalize on emerging trends and innovative possibilities for sustained growth
• Business strategy


  • Acts as the cornerstone for businesses aiming to carve out unique positions in the market through strategic differentiation
• Successful business strategy


  • Nurtures a shared vision that aligns everyone toward a common purpose
• Reference: https://digitalleadership.com/blog/business-strategy/