Business Needs A Competitive Advantage Over Rivals Through Differentiation

1976 Words Oct 25th, 2015 8 Pages
Every successful business needs a strategy in place that will help guide the way they want to go in order to achieve the success they are looking for. Strategy is a plan that aims to give the enterprise a competitive advantage over rivals through differentiation (Harvard Business School, pg. xiv). Create a strategy that puts in plan what you want out of business which includes the mission of the company, the goals, and strategy creation, implementation tactics, and performance measurements. Strategy is about understanding what you do, what you want to become, and most importantly focusing on how you plan to get there ( Harvard Business School pg. xiv). Company’s need a way to focus and stay focused and by implementing a strategy is will give the company some guidance and all keep them focused on what is important and that’s the goals and mission they are trying to achieve. There is not right way or more effective way to create a strategy it is more of how you a business feel and what is wanted. It is best to understand your business, it competitors, and the industry this will help develop a better strategy for success.
SWOT analysis is very important to a business because it can help you figure out the entire company as a whole by spilling out all of the company’s strengths, weaknesses, opportunities, and threats. If you know the strengths and weaknesses of your company it will be easier to understand all the opportunities you will face and also keep you and your business…

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