Business Strategy

BUSINESS STRATEGY
TASK 1

STRATEGIC CONTEXTS
• A company's strategy is a combination of competitive moves
and approaches which managers undertake to satisfy
customers, which allows firms to compete successfully and
move towards achieving organizational goals.
• Strategy is both Pro-active and Reactive, as per the situations.
• A strategy ensures that always right fit is achieved between the
firm and its environment.

TERMINOLOGIES
Missions:
a) formulated to regulate the present business of the company.
b) tells you the fundamental purpose of the organizations.
c) highlights the purpose of the existence of the organization.
Visions:
d) Vision is said to be the road which company has to undertake to
achieve its long-term objectives.
e) It provides insights about: technology, capabilities of the
company(present and future), markets to be pursued.

TERMINOLOGIES
Objectives:
a) Objectives are performance targets, results and outcomes a company wants to
achieve.
b) should be SMART- Specific, Measurable, Achievable, Realistic, Transparent.
Goals:
c) Goals are close-ended elements of the company which are more specific than
objectives.
d) Goals are more precise in nature.
Core competencies:
e) Combination of various resources and strategies which gives a firm competitive
advantage in the market place.
f) Provides access to different markets.
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