Ib Competitive Strategy For An Organization

1143 WordsDec 1, 20165 Pages
Imran khan / EMV80012 Name – Imran khan Course – Master of business Institute – Holmes institute Subject – Sub competitive strategy Competitive Strategy What is Strategy? The key ideas presented in the video are: Strategy is not same as goals and tactics, rather it enable organisations achieved their goals by identifying and understanding their capabilities and target markets (Freedman, 2013). Strategy today is being used as a buzz word by business to prove their smartness and acumen. Goals, tactics, objectives and descriptions are small components of an overall business strategy. It is the “art of general” wherein managers and leaders are expected to use their orchestration and vision to identify factors that are hidden to others but will play a very vital role in achieving organisational goals (Ansoff, 2007). Every organisation must have a strategy and while formulating strategies it is important to ensure that four key questions are being answered. A good strategy helps identifying where the business actually competes, that is what their target market is. Before formulating any business strategy it is important to define the target market in which the business will be marketing its offerings. A good strategy also helps defining what unique value the business brings to the market, what is its competitive advantage and why
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