Answer:
A company's strategy is a long-term plan that outlines how the organization will achieve its goals and objectives. It is a roadmap that guides the company's decision-making process and helps it to allocate resources effectively. A business strategy is crucial to a company's success as it helps leaders set organizational goals and gives companies a competitive edge. It determines various business factors, including pricing, employee recruitment, and resource allocation¹. A well-crafted business strategy can help a company to create value for the organization and its stakeholders and gain a competitive advantage in the market¹. In managing organizations, a business strategy is essential as it provides a framework for decision-making and helps to ensure that all activities are aligned with the company's goals and objectives. It also helps to identify potential risks and opportunities and provides a basis for measuring progress towards achieving organizational goals.