The means by which a business sets out to achieve its desired ends (goals). It can simply be described as a long-term Business planning. Typically a business strategy will cover a period of about 3 to 5 years (sometimes even longer)
In business, strategy refers to the complete and incorporated plan that the company uses to achieve its goals and objectives. Because companies find themselves in rapidly changing environments, they must be able to adjust.
This is why they need a strategy. An organization’s strategy encompasses all the plans, actions and policies that it needs to adjust to the changing environment.
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