Defining a business strategy is part of the strategic planning process and is necessary for achieving the company’s goals and objectives. The steps involved in creating a business strategy are critical and it is imperative that the appropriate amount of time is spent in getting it just right.

As the director of strategic planning, you want to ensure that all your managers understand business strategy, including what a strategy is, how it’s created, and who is responsible.

Prompt

Create a document describing business strategy for mid-level managers.

Specifically, you must address the following criteria:

Definition : Define the term business strategy in your own words.

Formulation : Briefly outline the steps involved in formulating a business strategy.

Responsibilities: Explain who is responsible for and who benefits from good business strategy.

Corporate vs. business unit strategy : Describe at least two ways in which a corporate strategy is different from a business unit strategy.