A business strategy is the means by which it sets out to achieve its desired ends (objectives). It can simply be described as a long-term business planning. Typically, a business strategy will cover a period of about 3-5 years (sometimes even longer).
A business strategy is concerned with major resource issues e.g. raising the finance to build a new factory or plant. Strategies are also concerned with deciding on what products to allocate major resources to – for example when Coca-Cola launched Pooh Roo Juice in this country.
Business Strategies is a company specialized in consulting for the development of business strategies to support the internationalization of businesses who want to increase its presence in foreign markets. It contributes to sustainable development of enterprises, through strategic planning and the development of investment projects. The range of services offered is divided into a scrupulous and constant operational assistance during all management and executive processes that see the customer engaged in a process of growth and consolidation in foreign markets. The success of a strategy of internationalization is determined by many factors and therefore requires an integrated approach. Business Strategies offers a mix of services tailored to the needs of the individual company, ranging from research of EU funding opportunities, national and regional to the definition and implementation of the most appropriate marketing and communication plans. Through a qualified and reliable support, the company can strengthen its path into foreign markets, improving their efficiency and ensuring its long term sustainability.
Strategies are concerned with the scope of a business’ activities i.e. what and where they produce. For example, BIC’s scope is focused on three main product areas – lighters, pens, and razors, and they have developed super factories in key geographical locations to produce these items.
Two main categories of strategies can be identified:
- Generic (general) strategies, and
- Competitive strategies.
The main types of generic strategies that organisations can pursue are:
- Growth i.e. the expansion of the company to purchase new assets, including new businesses, and to develop new products. The Inland Revenue has expanded from being just a tax collector, to other functions such as collecting student loan repayments and paying tax credits.
- Internationalization/globalization i.e. moving operations into more and more countries. For example, companies like Gillette, Coca-Cola, Kellogg’s, and Cadbury Schweppes are major multinationals with operations across the globe.
- Retrenchment involves cutting back to focus on your best lines. The Americans refer to this as ‘sticking to the knitting’ – i.e. concentrating on what you do best.