Business strategy in india

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

In business, it is the long-range sketch of the desired image, direction and destination of the organisation. It is a scheme of corporate intent and action, which is carefully planned and flexibly designed with the purpose of:

• Achieving effectiveness,
• Perceiving and utilising opportunities,
• Mobilising resources,
• Securing an advantageous position,
• Meeting challenges and threats,
• Directing efforts and behaviour and
• Gaining command over the situation.

Practically speaking, only three basic business strategies exist: a cost strategy, a differentiated product or service strategy, and a focus on a niche strategy. Understanding these strategies is critical to writing a good strategic business plan.