Business strategy news articles for CEOs, corporate executives, and decision makers who influence international business management. Corporate strategy …
A business strategy is the means by which it sets out to achieve its desired ends (objectives). It can simply be described as a long-term business planning. Typically it will cover a period of about 3-5 years (sometimes even longer).
A business strategy is concerned with major resource issues e.g. raising the finance to build a new factory or plant. Strategies are also concerned with deciding on what products to allocate major resources to – for example when Coca-Cola launched Pooh Roo Juice in this country.
Strategies are concerned with the scope of a business’ activities i.e. what and where they produce. For example, BIC’s scope is focused on three main product areas – lighters, pens, and razors, and they have developed superfactories in key geographical locations to produce these items.
Two main categories of strategies can be identified:
1. Generic (general) strategies, and
2. Competitive strategies.