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

It is nothing but a master plan that the management of a company implements to secure a competitive position in the market, carry on its operations, please customers and achieve the desired ends of the business.

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

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

A business strategy is a set of competitive moves and actions that a business uses to attract customers, compete successfully, strengthening performance, and achieve organizational goals. It outlines how business should be carried out to reach the desired ends

Nature of Business Strategy

A business strategy is a combination of proactive actions on the part of management, for the purpose of enhancing the company’s market position and overall performance and reactions to unexpected developments and new market.

The maximum part of the company’s present strategy is a result of formerly initiated actions and business approaches, but when market conditions take an unanticipated turn, the company requires a strategic reaction to cope with contingencies. Hence, for unforeseen development, a part of the business strategy is formulated as a reasoned response nature of business strategy.