A business strategy is a set of competitive moves and actions that a business uses to attract customers, compete successfully, strengthening performance, and achieve organizational goals. It outlines how business should be carried out to reach the desired ends.

Business strategy can be understood as the course of action or set of decisions which assist the entrepreneurs in achieving specific business objectives.

It is flexibly designed with the purpose of:

  • Achieving effectiveness,
  • Perceiving and utilizing opportunities,
  • Mobilizing resources,
  • Securing an advantageous position,
  • Meeting challenges and threats,
  • Directing efforts and behavior and
  • Gaining command over the situation.