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Thesis statement: Business strategy refers to the set of actions and decisions taken by a company to achieve its long-term goals and objectives while maintaining a competitive advantage in the market, and it involves various theories, principles, and concepts that guide a company's decision-making process.
Business strategy is an essential aspect of any company's success, as it helps to define the company's mission, vision, and objectives. It is a framework that guides a company's actions and decisions in various areas such as marketing, finance, operations, and human resources. Various theories, principles, and concepts have been developed over time to help companies create effective business strategies.
For example, Michael Porter's Five Forces model provides a framework for analyzing a company's competitive environment and developing strategies to stay ahead of the competition. Another concept is SWOT analysis, which involves evaluating a company's strengths, weaknesses, opportunities, and threats to create a strategic plan. Additionally, the resource-based view (RBV) theory focuses on a company's internal resources and capabilities, emphasizing the importance of developing unique and valuable resources to gain a competitive advantage.
In conclusion, business strategy is a vital component of a company's success, and it involves the application of various theories, principles, and concepts to guide decision-making and achieve long-term goals.
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