Strategy is common term related with policy making or making out a plan. Business strategy is useful in making the business a grand success. Like in a war a nation decides to deploy its forces in such a way that the war is won. Similarly business strategy also underlines various policies that are needed to make business a success. Following are the business strategies that are basic parameters of successful business.
Marketing strategy
Management strategy
Information strategy
Leading and directing strategy
Marketing strategy deals with introducing the product in market in such a way that it is flourishing. In this strategy first the demands of the customer is taken into mind. Companies design only those products which are high in demand. First a model of the product is introduced into the market and then its sales success is reviewed. Shortcomings of the product model are taken into account. Then shortcomings are carefully reviewed and the final product is launched.
Management strategy deals with managing company employees, allocation of resources among employees and other related factors. Information strategy deals with gathering information about various aspects of business. Information about demand of product, product success in market, product shortcomings are underlined. Information about competitive products already present in the market helps company regarding their products sales. Information regarding the improvements that are needed to make the product superior is carefully implemented.
Leading and directing employees in order to tell them how and when to design the product. Proper leading and directing the worker can result in high profits for the company. Business strategy is mainly made up of the above mentioned factors and implementing the above factors results in making product successful.