Business Strategy

BUS 441

Strategy involves the coordination and integration of the efforts within the different functional areas of an organization for dealing with an uncertain future. This comprises formulating a business strategy for each individual unit of the firm, formulating a corporate strategy, and implementing these strategies. Strategy formulation involves understanding the business the firm is in, determining how to position the strategic unit within this business environment, and developing the capabilities to compete, but also to cooperate, in this environment. Therefore, strategy at the same time coordinates and integrates the individual functional strategies such as manufacturing, marketing, sales, and finance.