Business strategy refers to the plan or approach that an organization adopts to achieve its long-term goals and objectives. It involves analyzing the competitive environment, understanding market dynamics, and assessing internal capabilities to determine how to position the organization effectively in the market. Business strategy encompasses decisions about resource allocation, target customer segments, product or service offerings, pricing tactics, and sales approaches. It also involves identifying strengths, weaknesses, opportunities, and threats (SWOT analysis) to guide strategic planning. A well-defined business strategy helps organizations to differentiate themselves from competitors, create value for customers, and achieve sustainable growth and profitability.
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