Business Strategy

Seminar paper from the year 2013 in the subject Business economics - Company formation, Business Plans, grade: B, The University of Chicago, language: English, abstract: Business strategy can be defined in various ways. According to the oxford dictionary, it is a plan designed for a particular purpose. It can also be viewed as the direction and scope of a company over a long span which translates into an advantage for it through its utilization of resources in a challenging market to meet its objectives. Bryson defines strategy as a pattern of purposes, policies, programmes, actions, or resource organization that clearly determine what an organization does, and why it does it. In all these definitions, there are some common strands of strategy that can be used to summarize what it is about. It is viewed as a long term activity which seeks to utilize resources available to position the organization in a competitive market situation. In essence it is a long term approach to implementing a company's business plans in an already challenging business environment.