Question

1. What is strategy? Why is having a distinct strategy important? What are the potential consequences for a company without a distinct strategy?

Your answer will be short essays and should be three full paragraphs or longer.

Answer 1

A businss strategy is regarded as a process in which different combinations of decisions are being undertaken to formulate an action plan for the organisation to accomplish and achieve all the business set goals and targets and gain a successful competitive position in the industry for the growth and sustainability. A business strategy is termed as as the backbone for the business organisation as it helps the business to achieve heights by ensuring that every organisation have a different and unique strategy to maintain the level of competition.

Having a distinct strategy for the organisation is one of the most important elements for the survival and growth of the firm. Firstly because making a unique strategy would develop the factor of not copying the strategy implemented. Having different strategies would make the organisation achieve success by its own means which is hard to imitate. Another factor is the goodwill in the market. Having different and unique strategies would not only benefit your internal environment but also the goodwill as people would consider your organisation to be creative and innovative in the society to achieve success.

If an organisation fails to have a distinctive strategy for its operations and goals, it would face a lot of consequences that would affect its performance and name. One would not consider the organisation as an unique organisation and would refer it is a copied or the one who follows the herd. Another consequence would be the low attraction for resources like funds, employees etc which would not join your organisation because lack of goodwill for the long run. At last, having low creativity and morale to originate a new idea would make the organisation soon obsolete and thus wouldn't survive long in the changing industry.