business-strategy

Vocabulary Word

Definition

Imagine a chess game. 'Business strategy' is how a company plans its moves to win in the market. It involves deciding the direction of the company, setting goals, and figuring out ways to achieve them.

Examples in Different Contexts

In corporate planning, 'business strategy' involves setting long-term goals and determining actions to achieve them. A CEO might say, 'Our business strategy focuses on diversification and penetrating new markets to ensure sustainable growth over the next decade.'

Practice Scenarios

Innovation

Scenario:

Our innovation cycles have been lengthy, and the potential for improvement is significant. We should focus on speeding up the process.

Response:

In that case, our business strategy should encourage more experiments and innovative thinking.

Business

Scenario:

Our market share has been declining for the past few quarters. It may be time to rethink our approach and consider new avenues.

Response:

Then our business strategy should focus on refining our product line and redefining our target audience.