Please answer these questions and the please keep the post between 250-300 words
ID: 387574 • Letter: P
Question
Please answer these questions and the please keep the post between 250-300 words thank youIn your own words, what do we mean by strategy? How is a business model different from a strategy? Lastly, why is industry analysis critical to developing an effective strategy? Give examples to explain your answers. Please answer these questions and the please keep the post between 250-300 words thank you
In your own words, what do we mean by strategy? How is a business model different from a strategy? Lastly, why is industry analysis critical to developing an effective strategy? Give examples to explain your answers.
In your own words, what do we mean by strategy? How is a business model different from a strategy? Lastly, why is industry analysis critical to developing an effective strategy? Give examples to explain your answers.
Explanation / Answer
Strategy is defined as the plan of action described by the management to achieve short term or long term objective. Be it in business or any other field. It involves planning directing and execution at various levels using multiple stake holders. The stretegy related to business growth or decisions are termed as Business strategy and the decisions are named business strategic decisions.
Business model represents the mechanism through which the companies derives revenues through its operations where as the business strategy refers to the plan/document which majorly speaks of certain field weather it is related to overcome financial obstacles, Operational obstacles or marketing obstacles.
Industry analysis is the key factor required to develop an effective strategy. Because problems for a company which arised would have already arised in similiar industries and if we effectively studied the business scenerios the answers would be easily available. So studying the industry can effectively help in discovering new solutions
For example when there is a need to engage more customers, business strategiy come into picture. I. E marketing strategy comes into picture to bring in more customers
In the second example, let us analysea. Financial situation where an effective asset management comes into picture, this is not a business model where the short time planning of asset resources comes. And is the part of financial strategy.