What is Business Strategy?

Category: Business

1Definition

A plan for achieving competitive advantage and long-term success through differentiated positioning and resource allocation.

2Context

Set by executives, implemented throughout the organization. Good strategy aligns all activities toward clear goals.

3Example

Costco's strategy is low prices through membership fees, bulk purchasing, and minimal marketing—everything reinforces low cost.

⚠Common Trap

Strategy isn't just goals or tactics. It's the coherent set of choices about where to play and how to win.

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