| gen. |
business strategy (An overall longer-term policy for a firm that coordinates the separate functional areas of a business. It defines the business objectives, analyses the internal and external environments, and determines the direction of the firm. Each firm operates in a competitive environment and seeks to formulate a strategy that will provide it with an advantage over its rivals: design, quality, innovation, and branding are examples of ways in which competitive advantages may be established. Some firms may seek to diversify into new markets, either through internal growth (i. e. by expanding their existing products or introducing new ones) or by external growth through mergers, takeovers, joint ventures, or strategic partnerships (see diversification). Each of these methods carries different levels of risk. OB&M Alexander Demidov) |
