Business Strategy for Mid-Level Managers
Overview
Defining a business strategy is part of the strategic planning process and is necessary for achieving the company’s goals and objectives. The steps involved in creating a business strategy are critical and it is imperative that the appropriate amount of time is spent in getting it just right.
As the director of strategic planning, you want to ensure that all your managers understand business strategy, including what a strategy is, how it’s created, and who is responsible.
Prompt
Create a one-page document describing business strategy for mid-level managers.
Specifically, you must address the following criteria:
Definition: Define the term business strategy in your own words.
Formulation: Briefly outline the steps involved in formulating a business strategy.
Responsibilities: Explain who is responsible for and who benefits from good business strategy.
Corporate vs. business unit strategy: Describe at least two ways in which a corporate strategy is different from a business unit strategy.
What to Submit
Submit a one-page Word document with double spacing, 12-point Times New Roman font, and one-inch margins. You are not required to use sources; however, if you choose to use sources, they should be cited in APA format. Consult the Shapiro Library APA Style Guide for more
Business Strategy
Student’s Name
Institutional Affiliation
Course Number and Course Name
Instructor’s Name
Date
Business Strategy
Definition
In its simplest form, a business strategy is a tool to help entities achieve goals. Every organizational leader aims for success, gaining profits, and satisfying customers and employees. However, such objectives are only feasible with a good plan. With an effective business strategy, leaders hone skills, set follower expectations, and create value for all stakeholders (Boyles, 2022). Strategies are useful as guiding principles for organizational decisions and practices, including hiring and product development.
Formulation
In formulating a business strategy, key steps are emulated to ensure effectiveness. They include developing vision, determining competitive advantage, establishing targets, focusing on growth, making decisions based on facts, being inclusive, and measuring results. A clear vision should include what an organization seeks to achieve and articulate what success should look like. Therefore, defining an organization's purpose is a useful starting point for creating stakeholder value (Cote, 2022). Also, a business must determine how to deliver unique value to clients and consi...