Business – 6.2 Business strategy – Developing business strategy | e-Consult
6.2 Business strategy – Developing business strategy (1 questions)
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A business strategy is a long‑term plan of action designed to achieve a set of objectives, create a competitive advantage, and ensure sustainable profitability.
The three core components are:
- Vision and mission: The overarching purpose and direction of the organisation.
- Strategic objectives: Specific, measurable goals that translate the vision into actionable outcomes.
- Competitive positioning: The choice of how the business will differentiate itself in the market (cost leadership, differentiation, focus, etc.).