Buisness Strategy

Question 1

What is business strategy:

Answer 1

It is an organizational master plan that the management of a company puts together to help achieve their goals and expand their business.

Question 2

Key components of business strategy:

Answer 2

Vision
Core Values
SWOT
Tactics
Resources
Anylsis

Question 3

Vision

Answer 3

Define and create a clear direction of a business

Question 4

Core Values:

Answer 4

Guides departments and employees on the general goals and values of the company to have everyone on the same page

Question 5

SWOT:

Answer 5

Strengths, weaknesses, opportunities and threats. This is used to find the areas that a business can strive in or fix as well as potential problems in the future.

Question 6

Tactics:

Answer 6

Finding the best way to tackle a problem in the most efficient and effective manner.

Question 7

Resource:

Answer 7

Find where businesses will get there resources or reallocate throughout departments to achieve their goals.

Question 8

Analysis:

Answer 8

Look to see how the business is doing in relation to their plans and business strategy proposals. Use financial methods such as EBITDA, net profit, revenue ect over a time period. Competitive advantage in terms of market share compared to commetitors