Knowledge Bank-Strategy

Business strategy for large companies is the plan they use to achieve their goals, make excellent use of their resources, and work to overcome all the difficulties and obstacles that the company may face in the future, whether internal or external difficulties with competitors, and the business strategy allows decision makers to manage financial, manufacturing or marketing risks in an effective way.

Business strategy

Business strategy is the plan that they use to achieve their goals.

Professors Jeffrey Johnson and Kevan Scholes defined strategy as the means by which a company decides the long-term direction and scope of the company, and determines the means by which the company obtains the necessary financial resources, as well as managerial competencies and organizational regulations; to meet market needs, increase the number of customers and outperform competitors.

Who sets the strategy?

Senior management, "the entrepreneur and the CEO", is the one who sets the strategy because of the information, data and numbers, and they can also use experts in management to help them draw a realistic strategy, based on real data on the company's financial and administrative situation, the level of manufacturing and competition, and finally reaching the desired goals in light of the market coordinates and intensifying competition.

Difference between strategy and goals

Strategy, as we explained, is the umbrella and compass that determines the direction of the company, and the path it will take in order to achieve the goals, so the strategy is always prior to the goals, and is more general and comprehensive, while the goals, some of which are related to the company's entity in general, and some are more specific through the different departments of the company.

Main characteristics of organizational strategy

The characteristics include <a style="color: #800000;" href="https://aws.amazon. analyzing data and information about the market, customers and competitors in a scientific manner, setting accurate goals by drawing a good mental image with customers, which helps in building a successful brand, as well as realistic goals, as ambition must be realistic and achievable, according to market rules, and what the company has the ingredients for success.

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The characteristics also include monitoring and measuring. Management monitors the implementation of the strategy and the proper performance of each individual's role. It also measures and evaluates growth opportunities, reviews previously planned sales and actual sales, and if there is a gap between them, management is committed to improving performance or changing some businesses or employees.

The characteristics also include monitoring and measuring.

Strategy is the road, goals are the destination.

Sami Abdulaziz

Marketing Expert

[email protected]