Business unit strategy focuses on making decisions about how to serve customers better than the competition. The goal is to make the business the best in its market.
Business strategy drives profitable growth, performance improvement, or taking advantage of market opportunities – in each case, these efforts comprise making strategic choices, developing resources and capabilities, and driving change.
Ultimately, business strategy formulation depends upon a company’s ability to understand its industry and customers and exploit its competitive advantage to lead to a favorable competitive position.
If you are considering business strategy formulation, you probably have a lot of questions: What is the strategic position of the business? What industry forces and trends should we worry about? What are the best opportunities for long-term profitable growth? How can we secure a strong position? Which competitors constitute the biggest threats? How do they compete? What are their strategies? How will they retaliate against us? How will we protect our future stream of profits?
What You Will Learn