A strategy is a long-term course of action designed to ensure success. It is a means of understanding the market one's business is designed to exploit. This also means being aware of the buyers' spending trends as well as understanding the strengths and weaknesses of one's existing competitors' strategies. In order to realize the full potential of any business model, it is important to implement a focused and innovative business strategy.
The Importance Of Having A Business Strategy
The business strategy is important in that it:-
Helps define the manner in which the business enterprise delivers value to customers.
entices customers to pay for value, and converts those payments to profit.
reflects what customers want and how they want it.
how an enterprise can organize to best meet those needs, get paid for doing so and make a profit.
A business strategy also helps business proprietors to accomplish the following:-
start a business.
expand their businesses.
win the competition.
make a living.
make a difference.