business strategy

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A plan is crucial for a corporation since it provides the parameters for assuring success. As a result, it calls for the development of the mission, vision, and creative thinking. As a result, understanding the business and the sector is made very simple (Pearce & Robinson, 2013). This happens because the managers and executives in the organization get an opportunity to understand what is necessary for them to run the business successfully. It requires an understanding of the firm's capabilities as well as the detection of risks and vulnerabilities that could prevent the company from reaching the anticipated improvements in performance, realizing its profits, and experiencing future increases in productivity output. A strategy also ensures that there is long-term growth and profit realization in the firm. Such includes the comprehension of the changes, which are anticipated to take place in the industry where the market place becomes vital (Albu Consulting, 2014). Thus, the strategy helps a firm to identify the nature of the external environment and formulate measures, which will respond towards these external factors to the company to ensure that the firm is in state of growth and development in the competitive market environment.

A strategy is also an essential tool that helps in the creation of the direction and vision for the entire organization (Pearce & Robinson, 2013). Such ensures that the staff members know their course of action and direction, which they have to take so that they realize the goals and objectives of the firm. Moreover, the strategy ensures that it is possible for the organization to realize its unique skills and knowledge, which are vital in ascertaining the productivity and higher performance levels and outputs.

References

Albu Consulting. (2014). 5 reasons why strategy is important. Retrieved from: http://albu

strategymanagement.com/2014/11/5-reasons-strategy-important/

Pearce, J. A., & Robinson, R. B. (2013). Strategic management: Planning for domestic & global

competition. (13th ed.). New York, NY: McGraw-Hill.

March 02, 2023
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