Business strategy can be understood as the course of action or set of decisions which assist the entrepreneurs in achieving specific business objectives.
It is nothing but a master plan that the management of a company implements to secure a competitive position in the market, carry on its operations, please customers and achieve the desired ends of the business.
In business, it is the long-range sketch of the desired image, direction and destination of the organisation. It is a scheme of corporate intent and action, which is carefully planned and flexibly designed with the purpose of:
- Achieving effectiveness,
- Perceiving and utilising opportunities,
- Mobilising resources,
- Securing an advantageous position,
- Meeting challenges and threats,
- Directing efforts and behaviour and
- Gaining command over the situation.
"BUSINESS RULE NO 1: YOU HAVE TO BELIEVE IT BEFORE YOU SEE IT"