Business Strategy
A long-term plan describing how a business will achieve its goals, such as competitive advantage, mission fulfillment, higher revenue, lower costs, or greater profit.
Business strategy is shaped by what the business uniquely holds. A national chain with scale can pursue lowest price; a single-location business usually cannot, so it builds strategy on brand, service, or a capability rivals would have to construct from nothing.
Often Confused With
- Strategy
- Business strategy is a strategy scoped to a business's goals; strategy in general covers any plan toward any goal.
Taught In
See Also
4.3.A.1 · 4.3.A.2