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"Understanding Business Strategy"

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The term 'business strategy' is heard almost everywhere in the business world. In this modern day and age of dynamic markets, sustaining competitive advantage can be a very hard task and maintaining a top-notch strategy to stay ahead will be essential to sustain a business.

However, many business practitioners fail to understand even the simplest concept: what is the strategy itself?

Strategy, in short, is what you do, and what you don't do differently from your competitors. The main objective of having a strategy is to have a more valuable position than your competitors, and can generally be divided into three main ways:

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1. Catering low-quantity demands of high-quantity individuals.
2. Catering high-quantity demands of low-quantity individuals.
3. Catering high-quantity demands of high-quantity individuals in a narrow market.

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No matter what your strategy is, it can always be categorized into those three. For example, if you're a restaurant, you can either sell a cheap fast-food price that will attract many people (strategy 3), or sell high-end foods to selected high-end market (strategy 2), or sell a niche food that many people like, such as ice cream (strategy 1).

Thus, having a strategy lies in the core activities of being different to deliver a unique set of values. In general, you can also have three different ways to achieve a strategic position:

- Variety

Increasing choices of products or service varieties

- Catering Needs

Targeting a segment of customers

- Access

Having a geographical advantage or better ways to reach customers

No matter what you do, competitors will always either imitate or generate superior strategy from time-to-time, demanding you to re-think your strategy and strategic position continuously.

In the old days, with limited ways to gather information, you can have a strategic advantage that cannot be imitated by other competitors (i.e.: secret recipe), such ideal thing will be a very rare, if not impossible achievement in the modern information era of business.

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Here are what you and your company will need to achieve sustainable strategic position in this day and age:

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- A strong leader

Strong leaders are needed to make all the hard choices and decisions and to drive the whole organization to constantly adapt to changes.

- Trade-offs

Modern strategic positioning cannot be achieved without any trade-offs. When you are deciding to proceed with a certain strategy, some kinds of compromise must be made. A 'have-it-all' mentality must be avoided in today's business practices.

- Communicate

Define and communicate the company's unique position and how to achieve it better.

- Alignment

Align your company's activities according to your main strategic values and positions.

One last thing that should be remembered is the difference between business strategy and business tactic. Strategies are generally a long-term approach covering an overall campaign plan. Tactics, on the other hand, are on a shorter-term, day-to-day basis to achieve shorter-term goals, or to counteract your competitors' activities.