BUSINESS STRATEGY
Business strategy The strategy defines the long term goals of the business. Strategic management provides overall direction to the enterprise. It is the identification of the purpose of the organization and the plans and tactics required to achieve the defined strategy. According to Wikipedia, Strategic management defines the major initiatives taken by a company’s top management on behalf of owners, involving resources and performance in internal and external environments. It includes specifying the mission, vision and objectives and developing policies and plans designed to achieve these objectives, and allocating resources to implement the policies and plans, projects and programs. Strategic management is an ongoing process that evaluates and controls the business in which the company is involved. It used to be the case that businesses had a one year plan, including a budget, a five year plan and a ten year plan .These defined the medium and long term goals of the company and w...