Importance of Business Strategy Essay Example | Topics and Well Written Essays - 2500 words - 8

Importance of Business Strategy - Essay Example Every organization, no matter the size, requires to have a strategy of the business. The strategy has the principal objective of ensuring that the company can meet the needs of the customers in the market. A business strategy, therefore, has the core objective of creating the foundation of the business. Once the business is founded on a common core, then there can be the establishment of systems to monitor the direction and operations of the business so that the business can have the capacity of succeeding in the market (White, 2012). As such, a business strategy has the function of enabling the business to understand its environment and the variety of factors that it requires in order to the business to attain success. Among the specific functions of the business, strategies are to identify the strength and the weak areas of the business. Through this identification, the business can then have the capability of focusing on its strengths and attractiveness in order to sell itself to the consumers. Further, the business strategy has the capacity of enabling the business to identify the risks that the business has to face when operating within a specific market through the use of the business strategy, the company will have the capability of mitigating these risks and having the capacity of achieving profits for the business. A business strategy has the purpose of ensuring the long-term growth of the business amidst a changing business environment. There are various trends and cultures coming up in the business world and every business should have the capacity of adapting to the change.