Manager

NAME: |MUHAMMAD MOHSIN JAMAL ANSARI | |

|ROLL # |1504 |

|COURSE: |STRATEGIC MARKETING MANAGEMENT |

|SUBMITTED TO: |SIR MOBASHER SANDELA |

What is Business Strategy?

Business Strategy:

A business strategy is a long term business plan that is designed to achieve a specific goal or objective. Its aim is to strengthen a particular business so that its performance is enhanced which may result in a more profitable business.

In the absence of business strategy, an organization has increased risk of failure in long run.

Typically a business strategy covers a period of about 3 to 5 years sometimes it may take even longer depending upon the nature and size of business.

There are two main categories of business strategies which are as follows:

1) General Strategies

2) Competitive Strategies

The main types of general strategies that organization can pursue are as follows:

a) Growth Strategy: This includes the expansion of the company to purchase new assets / property, businesses, and to develop new products.

b) Globalization: This includes moving the operations of an organization to international level. Expansion of business in more countries.

Competitive strategies are concerned with doing things better than rivals. To become a competitive firm, a firm should not just copy ideas of their rivals. They should seek to out compete their rivals. There are two main ways of being competitive.

a) By selling goods at lower prices than rivals. This is possible when a firm is the market leader and benefits from economies of scale.

b) By differentiating your product from those of rivals which enables you to charge a higher price if desired....