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The Use of Strategy

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Why is strategy important to business?

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Solution Summary

The relationship between strategic management and business is discussed.

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Strategy is like playing chess where you try to determine your opponent's next move. In business it's the same way. You are trying to determine what your competition will do and then counter it. Imagine trying to run a business without a counter when your competition does something that takes away some of your loyal customers. This could be detrimental to the business.

Strategic planning is the key to longevity within any organization or industry. Strategic planning involves looking ahead and determining what actions need to be taken presently in order to achieve success in the future. Strategy also involves a great deal of planning and based on the developed plans, tough decisions must be made by the executive body to make sure the organization achieves long-term goals.

Strategy formulation can be a difficult task to accomplish. This task however is very important and can result in a more effective ...

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