Business Strategy
Strategy is a high level plan to achieve one or more goals under conditions of uncertainty.
Strategy is important because the resources available to achieve these goals are usually limited.
A strategy describes how the ends (goals) will be achieved by the means (resources).
Strategy can be intended or can emerge as a pattern of activity as the organization adapts to its environment or competes.
It involves activities such as strategic planning and strategic thinking.
Formulating and Implementing Strategy
Strategy typically involves two major processes: formulation and implementation. Formulation involves analyzing the environment or situation, making the diagnosis, and developing the guiding policy. Implementation refers to the action plans taken to achieve the goals established by the guiding policy.
Strategic Management
The essence of formulating competitive strategy is relating a company to its environment. Michael Porter defined strategy in 1980 as the "...broad formula for how a business is going to compete, what its goals should be, and what policies will be needed to carry out those goals" and the "...combination of the ends (goals) for which the firm is striving and the means (policies) by which it is seeking to get there."
Good Strategy Means Being Ready
While we have an exceptional understanding of what it takes to build and grow an online enterprise, it does require some strategic planning with the client. After all, it would be difficult to create a presence online that represents your business accurately without getting to know what it's all about and what the goals are.