Strategy

Business Strategy: 

Medium to long term plan developed to help a business achieve it's corporate objectives. 

A business corporate strategy is based on it's corporate objectives. 

A strategy can only be put in place once a business has outlined first it's mission/vision and then its corporate objectives. 

Strategic decision making is making decisions that will help the business achieve its corporate objectives. 

Strategy- The direction and scope of a business over the long-term. This is achieved using the SMART (Specific Measurable Achievable Realistic Timed) objectives, adapting resources, within a changing external environment and meeting stakeholders expectations. 

A strategic decision- A decision that is high risk and is likely to influence the overall long-term policy and direction of the business. The senior management makes these decisions.

A mission statement provides the businesses vision, aims and objectives providing customers with a sense of what the business is and what it aims to provide for you. 

Staff can follow this to help motivate them into following this in order to achieve what the business is aiming for. 

However, a mission statement can be hard to follow and may not be always very suitable for some business jobs. It just provides the businesses core vision and aims. 

LOSER- 

Long term and short term impacts of changes. 

Objectives- What does the business want to achieve?

Stakeholders- Values, expectations and influence. 

External environment- SLEEPT and Competitors. 

Resources- Staffing- Skills, numbers required; finance and time. 

Strategy- 

• Long Term 
• Major commitment of resources
• Difficult to reserve 
• Made by senior management 
• Decisions are complex and non-routine

Tactics- 

• Short Term
• Less resources committed
• Easier to reserve 
• More junior management 
• Simpler and more routine decisions