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Business strategy

A business strategy is plan that lays out the direction a business will follow and the steps taken to achieve its set goals . It is a means by which a business or organisation sets out to achieve its objectives. (WiseGEEK, 2013). A business strategy is developed by following three processes as shown in the diagram

implementatiom intergrattion Analysis

Fig 1 showing the steps followed in developing a business strategy Modelled from http://www.wisegeek.org A business strategy is a long term business planning in which during the analysis process, the business or organisations analyses market position , resources ,obstacles to success and competitive advantage . The goal in strategic analysis is to identify what the business wants to achieve , the strength it can bring in achieving the goal and weaknesses that need to be addressed prior to integration and implementation . In strategic analysis ,the methodologies involve evaluating the business environment , competitive advantage , determining what market forces are at work and so on . (Nickols.us. 2013.) Integration of the business strategy is an important step in the business planning process. A business will usually begin with a plan with an overall vision from there a mission statement is formulated which leads to specific goals the business will need to achieve to accomplish its mission leading to a strategy being developed to achieve goals . This approach is communicated to all levels of employees where they are made to understand how the strategy will affect the daily activities of the business. (Kearns, 2003)This makes it possible to integrate the strategy throughout the business Implementation is the last step taken in achieving business goals, it follows assessment and integration .In implementation specific task are developed to support the strategy, teams have subsection of the business strategy which they focus on A businesses strategy involve the measurement of the overall goals established to accomplish the business mission . Goals are split into business units and the time taken to accomplish them. (Grieve Smith, 1990) The business strategy also involves a periodic comparison of current progress against goals based on how well the set goals have been achieved .If there is irregularities in achieving those goals the strategic analysis process is repeated to adjusted the strategy

References
1. Businesscasestudies.co.uk. 2013. Business strategy Business strategy business studies and business english | The Times 100. [online] Available at: http://businesscasestudies.co.uk/businesstheory/strategy/business-strategy.html#axzz2izWi3MFT [Accessed: 28 Oct 2013]. 2. 3. 4. Grieve Smith, J. 1990. Business strategy. Oxford: B. Blackwell. Kearns, P. 2003. HR strategy. Amsterdam: Butterworth-Heinemann. Nickols.us. 2013. Strategy: Definitions and Meaning. [online] Available at: http://www.nickols.us/strategy_definition.htm [Accessed: 28 Oct 2013].

5. wiseGEEK. 2013. What Is a Business Strategy?. [online] Available at: http://www.wisegeek.org/what is-a-business-strategy.htm [Accessed: 28 Oct 2013].

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