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Definiting of Business Strategy Essay

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Below is an essay on "Definiting of Business Strategy" from Anti Essays, your source for research papers, essays, and term paper examples.

In the narrow view, business is an activity that aims to generate profitable return by providing goods and services to others (Nickels, McHugh and McHugh 2010 cited in Piggott 2011). The business’ main goal and objective is to maximize the profit by having sustainable competitive advantages against other competitors (Piggott 2011). Competitive advantage means the preponderance gained by a company when it can provide the same value of goods and services with a lower price compare to its competitors (competitive advantage 2012 ). And this is the reason why business should have a strategy. Piggott (2011) defined strategy is a linking process between the environmental and organizational variables. The goals of a strategy include gaining competitive advantage by outperformance the competitors and get result of maximizing the profit return, increasing market share. Strategy is not equal to a business plan but includes. It is a tool for making the best decision and managing the business by having a high level of planning. Its process includes analysis, formulation and implementation. Whereas business plan is a specific operational levels plan for a specific sector of a business, for example, a planning for a target market.  
In addition, strategy can be divided into two types which are corporate strategy and business strategy. Corporate strategy is related to decisions about the whole organization, it is the overall planning that covers all activities in an company (Needle 2010). And business strategy is deal with the decision that is linked to specific products and markets. However, both of them should be related with each other.
Furthermore, Needle (2010) suggested there are five approaches for the formulation of strategy which is identified as rational, flexible, creative, behavioural and incremental. The rational approach is the most common and classical way to form a strategy. In this approach, a strategy is formed by a scientific and technical process. The...

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