Importance of Developing and Reviewing Business Strategies

Running head: STRATEGIC MANAGEMENT
STRATEGIC MANAGEMENT
Name of the Student
Name of the University
Author Note

STRATEGIC MANAGEMENT1
1.0 Introduction
Strategic management as defined by Noe et al. (2017) refers to the continual planning,
analysis, monitoring as well as the assessment of the various factors that are considered to be
highly influential in the achievement of the business goals that have been set by the concerned
management of the business organization. The implementation of the various business strategies
assists in the overall progress of competitive advantage of business organization in the given
markets. The following paper sheds light on the various business strategies that are implemented
within the organizations. The paper highlights the importance as well as the reviewing of
evolving business strategies in the expansion of the business organization.
2.0 Importance of developing business strategies
2.1 Gain competitive advantage
The implementation of the business strategies helps in the overall development of the
various issues that bear relevance to gaining of the competitive advantage within the given
industry as well (Thamir and Poulis 2015). This is generally observed within the various
companies like Adidas who have been observed to be implementing the strategies to gain the
competitive advantage within the area.
2.2 Brand perception
The implementation of the business strategies within the given organization helps in the
progress of the brand perception within the given markets (Netland 2016). The various
companies like Nike are observed to have been implementing the various business strategies that
help in the overall advancement of the brand perception among the various customer groups that

STRATEGIC MANAGEMENT2
are targeted by the concerned company as well. The employment of these strategies helped in the
development of the popularity of the brand among the clientele of the brand as well.
2.3 Business growth
The application of the business strategies within the multitude of business organizations
tend to help in the all-encompassing growth of the business organization (Bellucci, Bini and
Giunta 2019). This is majorly observed in case of the strategies that are implemented by the
online retail magnet, Amazon, in order to have proper development of the business growth in the
various international markets.
2.4 Market Alignment
The execution of the business strategies helps in the growth of the market alignment of
the products within the given international territories. The proper application of the business
strategies helps in highlighting the alignment of the products within the various global markets
(Matt, Hess and Benlian 2015). This aids the expansion of the competitive advantage of the
business organization in the markets as is observed in the case of Woolworths. The retail magnet
is known to have implemented the digital marketing to implement the proper improvement of the
market alignment among the clientele.
2.5. Achievement of business goals
The proper implementation of the various business strategies is generally useful in the
overall development of the business goals that have been set by the concerned organizational
management (Noe et al. 2017). The development of the various strategies that are observed to be
applied within the given organization help in the achievement of the business goals as is