Answer:
In business, a strategy refers to a plan of action designed to achieve a specific goal or set of goals. It is a way of thinking about and approaching a problem or challenge in order to reach a desired outcome.
Who and how does it become implemented?
Strategies can be developed at various levels within a business, including at the corporate level (overall business strategy), at the business unit level (strategies for specific products or markets), and at the functional level (strategies for specific departments or functions within the organization).
Effective business strategies take into account the internal and external factors that can impact the organization, including its resources, capabilities, and the competitive environment. They also consider the long-term direction of the business and how it will differentiate itself from competitors in order to achieve a competitive advantage.
Types of business strategies:
There are many different types of business strategies that organizations can use, including growth strategies, cost leadership strategies, differentiation strategies, and focused strategies. Each type of strategy involves a different approach to achieving competitive advantage and can be more or less suitable for different organizations depending on their specific goals and circumstances.