Running Head: BUSINESS STRATEGY e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e
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4-2 Assignment: Strategic Plan
MBA 540
SNHU
BUSINESS STRATEGY e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e
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The term ‘business strategy’ can be defined as a series of plans or decisions made by
an organization to achieve its goals and objectives. Author Porter has stated that strategy
involves a diverse range of offensive or defensive actions that are undertaken by a business
to establish a defensive position in the industry (Ferreira et al., 2014, p. 5).
A number of steps have to be followed for creating a strategy. The first step involves
determining the position and identifying the issues that need to be addressed. The next step
involves the development of appropriate vision, mission, and values so that a framework
could be established. The next step involved in the formulation of the strategy involves
building a plan. At this stage, various strategic tools such as the SWOT analysis tool can be
used to devise strategic goals. The final step involves managing the performance to ensure
that the strategic goals are effectively attained (The strategic planning process in 4 steps.
OnStrategy, 2021).
The responsible for business strategy lies in the hands of the organizational leaders,
including the Chief Executive Officer (CEO) and other members of the executive team.
These top management team members play a proactive role in the business strategy context.
However, the responsibility also extends to other organizational personnel, including the mid-
level management team and lower-level management team. These professionals are
responsible for ensuring that business strategy is effectively implemented and it helps to
achieve the business goals. Several stakeholders benefit from a good business strategy like
the organization, employees, customers and the overall society (The strategic planning
process in 4 steps. OnStrategy, 2021).
A corporate strategy is different from a business unit strategy in diverse ways. For
instance, the corporate strategies are holistic in nature and focus on the entire business
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performance. The scope of business unit strategies is narrow, and they focus on specific areas
like operations, etc. Some of the main motives of corporate strategies include improving
efficiency and expanding the company portfolio (Garcia, 2019). The chief motives of
business unit strategies include meeting customer needs and improving their satisfaction level.
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References
Ferreira, J. J., Raposo, M. L., & Mainardes, E. W. (2014). Strategy and strategic management
concepts: are they recognised by management students?. Economics and Management.
Garcia, M. (2019, February 11). Business level strategy vs. corporate level strategy.
Bizfluent. https://bizfluent.com/info-7900064-business-vs-corporate-level-strategy.html.
The strategic planning process in 4 steps. OnStrategy. (2021, June 7).
https://onstrategyhq.com/resources/strategic-planning-process-basics/.
