Business strategy Table of content     MEANING   OF   BUSINESS  STRATEGY        IMPORTANCE     OF     BUSINESS   STRATEGY        ELEMENTS     OF    BUSINESS   STRATEGIES         TYPES    OF     BUSINESS     STRATEGY                     WHAT  IS   BUSINESS STRATEGY:     Many    people   do   say   my  business   isn't   Moving    or    going     forward ,    that's     because   they  don't    have    a   business    plan   or     business  strategies.  Therefore we can   say  A business strategy is an  outline of the actions and decisions a company plans to take to reach  its goals and objectives. A business strategy defines what the company  needs to do to reach its goals, which can help guide the decision- making process for hiring as well as resource allocation.     IMPORTANCE OF  BUSINESS STRATEGY It helps leaders set organizational goals and gives companies a competitive edge. IT  HELPS TO ALLOCATE  RESOURCES  EFFECTIVELY  it helps them understand their strengths and weaknesses  . This way, they can capitalize on what they are good at and improve on their weaker aspects. It ensures that leaders have control over the processes. This means they will also go as planned.     ELEMENTS OF BUSINESS STRATEGY   VISION  OF  THE  BUSINESS  MISSION  OF  THE  BUSINESS  SWOT  ANALYSIS ( strength ,weekness, opportunity and threat) OF THE  BUSINESS CORE VALUES GOALS  OF  THE  BUSINESS  OBJECTIVE  OF  THE  BUSINESS           AND   ACTION   PLANS   TYPES OF  BUSINESS  STRATEGY THEY    BASICALLY   FOUR  (4)  TYPE   OF  BUSINESS STRATEGY  WHICH ARE  LISTED   BELOW: ORGANIZATIONAL  STRATEGY COMPETITIVE  STRATEGY  FUNCTIONAL  STRATEGY OPERATIONAL  STRATEGY   ORGANIZATIONAL STRATEGY :   An organizational strategy is a strategic plan generally developed by the leadership team detailing how your business will allocate resources (like inventory, time, and funding) to support all its business activities.    COMPETIVE STRATEGY :  A competitive strategy is a set of policies and procedures that a business uses to gain a competitive advantage in the market. It's the process of identifying and executing actions that allow a business to improve its competitive position.   FUNCTIONAL  STRATEGY : Functional strategy refers to a business strategy that focuses on the action plans by a  particular functional area in order to achieve the set business objectives. It aims at improving the effectiveness of a firm's operations across various functional units or departments.   OPERATIONAL  STRATEGY :  An operations strategy is a set of decisions an organization makes regarding the production and delivery of its goods. Organizations may consider each step they take toward manufacturing or delivering a product an operation, and all decisions regarding these various operations are the operations strategy.   BY  DIVINE  WEALTH.