Strategic Management: Business Strategies and Long-Term Sustainability

STRATEGIC
MANAGMENT

Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
Question 1....................................................................................................................................3
Question 2....................................................................................................................................5
CONCLUSION................................................................................................................................7
REFERENCES................................................................................................................................1

INTRODUCTION
Strategic Management is the process of managing organization's resources to achieve the
objectives of the company and involves it includes various activities such as setting up
objectives, analyse the external and internal factors affecting the business operations, evaluating
the business strategies and ensuring that the strategies is implemented in the organization.
Established companies find it easy to modify its strategies whereas non established companies
find it difficult. This process also helps to analyse its areas of operation and improve in order to
operate its business efficiently(Doktoralina, and Apollo, 2019). The main benefits is it gives a
direction to the company and helps in increasing the efficiency. By implementing these plans, it
increases its market share and increases its profitability. As a result it ensures its substantiality in
the market.
This report illustrates the business strategies with the help of case study of the company
IMI which is global engineering industry and how that contributes its competitive advantage in
the market, its position in the existing market and its future goals to secure its position. Along
with this various strategies choices and models are explained for long term sustainability in the
market.
MAIN BODY
Question 1
Business strategy is defined as setting up plans, policies and goals that gives an idea how
business should compete in the marketplace with the limited resources a company possess. These
strategies help to create a vision and direction in order to survive in the market. The focus is on
fulfilling the objectives of the organization. IMI's being an engineering company main purpose is
to frame its business strategies is to gain competitive advantage in the market, expansion and
satisfying customer needs. Main reason which differentiate it from other companies is its
expertise knowledge and innovating new products in the market. The company not only focused
on improving the products in the market but also focused on the needs and requirements and also
provided better comfort of the customers(Klumpes, et.al, 2019). It followed successful business
strategy and it helps to focus on maximizing the returns and make progress. The company
created vision that is necessary got achieving the goals and gave a clear picture to the employees
so that they can carry out its responsibilities efficiently. The company focused on expand its
business by making investments in the new market and reducing the costs and increase its