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.
Respons...
4-1 Assignment: Strategic Plan
Nick Roy
MBA-540-Q1716 Organizational Strategy in Global Environment 23TW1
Professor Cedric Alford
Southern New Hampshire University
January 17, 2024 Define Business Strategy
A business strategy is a plan to gain a competitive edge through four key decisions (Dyer et al., 2020). First, we identify our target markets, such as God-Fearing, Gun-Toting, America First patriotic business owners who seek financial freedom. We aim to attract conservative consumers by creating quality websites for them. Second, we strive to offer unique value to our target market, just like Russel Brunson did with Click Funnels by providing an alternative to traditional websites. Being the first to tap into this market, Brunson achieved competitive advantage and became the category king that allowed him to reap the profits, leaving competitors
with only scraps. Third, we must have the necessary resources and capabilities to deliver this unique value better than our rivals. Finally, we must find ways to sustain this advantage by preventing imitation. Steps Involved in Formulating a Business Strategy
Define your company’ s vision, mission, and goals.
To create a successful strategy, you first need to start by developing your vision, mission, and goals and making sure you have a clear understanding of them. This will help you identify where you want your business to be in the next 3, 5, and 10 years from now, and how you plan to
achieve those objectives. This step will help you set the direction and scope for your business while aligning them with your core values. Your values will guide your decision-making on what
target markets to pursue and what tactical plans to develop. Analyze your business environment.
The next step in creating a successful business strategy is analyzing your business environment or conducting a SWOT analysis. A SWOT analysis involves analyzing your internal
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