Business Strategy Basics

Business strategy is the art of making choices about where to play and how to win in a competitive environment. This page provides an overview of the basics of business strategy.

Key Elements of Business Strategy

• Vision: Where do you want your company to be in the future?
• Mission: What is your company's purpose and what makes it unique?
• Goals: Specific, measurable, achievable, relevant, and time-bound.
• Strategy: The plan of action to achieve your goals.
• Execution: Implementing the strategy effectively.

Strategic Tools

• SWOT Analysis: Strengths, Weaknesses, Opportunities, Threats.
• Porter's Five Forces: Industry analysis tool to assess competitive intensity.
• BCG Matrix: Helps in categorizing a company's products or services.

Best Practices

• Focus on your core competencies: Do what you do best.
• Adapt to change: Stay agile and ready to pivot when necessary.
• Build strong relationships: With customers, suppliers, and partners.

For more in-depth learning, check out our Business Strategy Deep Dive.

Key Takeaways

• Business strategy is about making choices.
• Vision, mission, goals, strategy, and execution are key elements.
• SWOT, Porter's Five Forces, and BCG Matrix are useful strategic tools.
• Focus on core competencies, adapt to change, and build strong relationships.

Business Strategy