Business strategy is the optimal way to the aim.
Strategic management is the branch of management science which provides the heads of the companies with methods and skills:
– of development of optimal ways to the achievement of the company’s aims;
– of the professional and personal growth.
Business strategy is rather wide idea which includes a number of important aspects such as business plan with financial planning, financial projections and some others. The efficiency of business strategy can be exactly determined with the help of due diligence.
Strategic marketing is marketing the task of which is to study and to determine all active and perspective internal and external factors which influence on the company’s activity and also to define long-termed perspective directions of activity.
Strategic marketing plan is the creation and support of the necessary accordance between the aims of the company and its opportunities in the market. All this is based on the consequential and rational following to the ideology of the company, on the fulfillment of the additional aims and tasks and on the following of the growth strategy.
There are 6 elements or directions of the business strategy which is often called competitor strategy or simply strategy.
The first four elements can be applied practically to every kind of business, and other two ones can be used only for companies which consist of several business units (business segments). The development of business strategy suggests the definition of the following aspects of business.
1. Produce market where business will compete. The sphere of business is determined by: goods which the company plans to suggest in the market and from which suggests to release; markets which it plans to take and from which suggests to release; competitors with whom the company will compete; level of vertical integration.
2. Level of investments – investments in the growth, in the strengthen of present positions.
3. Functional strategies which are necessary for competition in the chosen produce market. Examples of these strategies are product, communicative, price, distribution, industrial, information, segmentation and global strategies.
4. Strategic assets and authorities which provide constant competitive advantages. This is the basis of business strategy.
5. Distribution of resources between business units.
6. Existence of synergetic effects between business units of the company.
Illustrative business plan samples
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