What is meant by "business strategy"?

A business strategy refers to a long-term plan developed to achieve specific objectives and goals for an organization. It encompasses the overarching vision and direction of the business, defining how the company will compete in the market, allocate resources, and position itself for future growth and success. This strategic framework is critical for guiding decision-making, ensuring all efforts are aligned toward common aims, and helping to navigate both opportunities and challenges in the business environment.

While daily operations, marketing tactics, and crisis management are essential components of business management, they fall under different categories. Daily management involves more immediate, operational tasks that focus on the day-to-day functioning of the business. Marketing tactics are specific actions within the broader strategy aimed at boosting sales and market presence. Crisis management pertains to reactive measures in response to unforeseen events, rather than proactive strategic planning targeting long-term success. Thus, the emphasis on a long-term plan is what clearly distinguishes the concept of business strategy.