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Description

Strategy is defined as a quick fix to the challenges in the global market. Development of innovative strategies is the key to success in the business world today. This will help the multinational companies to repeat the growth cycles in the business world. The business strategies should be altered timely to keep pace with the changes in the political, economic and technological environment. According to Hill, C. & John, G to build an effective and efficient business strategy, it is necessary to study the internal and external business environment thoroughly. After conducting the study, do a through analysis of strengths, weakness, threats and opportunities to the company. This is all about brain storming of the current situation, weakness, strengths and a careful analysis of all. This will help in building a right game plan which will lead to the path of success. Johnson describes a strategy as a long term course of action, to develop necessary resources within a challenging environment. The development of strategy exists at all levels in an organization, in different department to individuals working in it. Corporate strategy defines the goals and objectives of the organization. The mission statement defines the business strategy and also how to take decisions in the process of its operations. In business unit strategy; it deals with development of strategic plans for introducing new product in the market, satisfaction of the customers, the opportunities and benefits arising from the same. The last is the operational strategy; this will define how each part of the business will define the future course and working of different departments in an organization. There are different tools that help in the strategic analysis and its management, this includes- PESTLE analysis, SWOT analysis, Porters five forces model.