Eco 372 Week 3 Business Strategy

Week 3: What is Strategy?

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This video is very informative that is based on the concept of strategy, from the review of this e-learning activity delineates the detailed information about key ideas of strategy. A strategy must have clear vision and goal for accomplishment success and growth of a business organization. This e learning activity divides the strategy into two components ‘the art of war and the art of general. At the time of war, the general was the one who led the army according to his vision and strategy and if all the tasks in a good coordination then they achieve victory. These two components of e learning activity reflect the strategic importance given to goal winning and goal attainment to achieve a success in a business (Verbeke, 2013). Moreover, from

These companies would adopt strategic concept of general and art of war to attain success in industry. The concept of strategy of value addition and competitiveness would support developing firms in giving competition to the dominant players in the market. The components of strategic formulation would lead in keeping sustainable position and defining long term goals. According to Ibrahim, (2015) an innovative strategy helps the organization in setting long and short term goals, to determine the actions that fulfill the goals and resource mobilization. In addition, firms who operating the business at small scale would use the key ideas of strategy would develop competitiveness for share market growth just like a big player in the industry. The concept of unique value used by the industries in promoting ‘unique selling point’ that enhance stimulating competitive position. In the recent business environment, the business organization focuses on the custom-based production which is significant for achieving customer satisfaction rather than the standard production