UNDERSTANDING THE CONCEPT OF BUSINESS STRATEGY: A SYSTEMATICAL REVIEW

Abstract

The strategy formulation process in business entities is an ongoing cycle of planning, implementation, and assessment of significant objectives to attain long-term goals. A business plan is an essential instrument for an enterprise, directing its destiny while identifying possibilities and threats. It enhances performance and cohesion within the management team, facilitating the attainment of company objectives. It establishes objectives across multiple domains, including product development, marketing strategies, and financial oversight. It facilitates discussions, collaborations, and innovation by leveraging emerging opportunities. Business strategy facilitates the management of human resources, enhances performance, and delineates departmental tasks.
It engages in internal and external communication, cultivating a robust brand identity. It enhances financial performance, mitigates risk, and assists organisations in adapting to market developments, facilitating successful competition and overcoming obstacles. This article examines prior academic literature to elucidate the evolution of the business strategy concept, highlighting its critical importance to corporate success within the field of business administration.