What is Strategy?

What is Strategy?

Strategy is a word that gets mentioned a lot
in business. But what is strategy? And what does it have to do with the work
you do every day? There isn’t really a definitive answer to
what strategy is, because everyone has their own opinion. However, one good way to look at it is to
ask: “What do we need to do to win in our market?” This is the key question that you need to
answer when you develop a strategy. This question also demonstrates that developing
a strategy doesn’t involve analyzing just one thing. Rather, it involves understanding your world
in detail, and then mapping out your best possible route
to success. It can take a lot of thought and analysis
to do this properly. Strategy development needs to happen on three
levels. The first level is corporate strategy. For organizations with many different business
units, this determines how the organization, as a whole,
supports and enhances the value of the business units within it. The next level is business unit strategy. This describes how individual business units
compete and win in their own, individual markets. The objectives in the business unit strategy
must be in line with the objectives of the corporate strategy. The last level of strategy is team strategy. Each team within a business unit has its own
contribution to make, which means that it needs its own
strategy to accomplish the larger goals and objectives of the organization. No matter what your role, your work contributes
to your team strategy, which contributes to the business unit strategy, which then contributes
to the larger corporate strategy. Each level is necessary, and important, to
the success of your organization. Now, read the article that accompanies this
video to learn more about how you can develop a strategy
for your team, business unit, or organization.

Comments (12)

  1. 0:00 to 0:17 there is a definitive answer, a strategy is a way to accomplish a goal and best strategy is the one that you are using less resources (time, money,…) and you get a bigger reward 

  2. What is Strategic Purpose ?

    There is no proper answer found.

  3. @ifraz1.. Best answer is "what you need to do in our market" is your Strategy.

  4. Nice insight! But, the world is changing and the new marketing trend of 2016 – explainer video. Check this out if you are interested :

  5. good video. I have also discussed about strategies in my blog

  6. What about enterprise level strategy?

  7. Business talk is so vague. I'm more into the doing rather than the abstracts.

  8. u just simplified my one hour lecture into 2 mins.. great..

  9. The reason most business fail is due to not having a strategy.

  10. Wow! Here I go again, more books, more writing, more videos and more studying and more exams; I like it.

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