Crafting Strategy Essay

1746 WordsMar 11, 20137 Pages
Abstract The term strategy is used widely in the business world but have you ever wondered what it truly means? Strategy is a plan and action to achieve a long-term goal that gives you an advantage in a competitive environment. It creates a path from your present situation to your future target objective and allows you to figure out what are the steps required to attain a certain goal. Ultimately strategy is a way of thinking, executing, and implementing actions to reach a specific goal. It is the secret weapon of your success! 1. How do you think the knowledge of strategy would help in being successful in business? Justify your answer. The knowledge of strategy is vital in every business for a plethora of reasons, most importantly its success. Without a strategy a business will have no direction or vision of what it wants to achieve in the future, thus it’s crucial to implement a strategy that will guide the business and act as a path to success. A clear and understandable strategy is the establishment of improved performance within the company and the creation of a competitive advantage in the market. First of all, employees and board members will possess a common understanding and commitment towards the company’s strategies and plans and will yearn to achieve its goals in a more effective and efficient way. The company’s strengths and weaknesses must be assessed to guarantee its ability to outperform rivals in the industry. In addition, opportunities and threats must be evaluated to ensure that the business makes the most out of any situation that will benefit them and that no threat will hinder the company’s future plans. This process allows the business to take action and decide what they should or should not do. When the business is outperforming its competitors in the market it gains a competitive advantage over them.
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