What is Strategy?
A company’s strategy is a plan to gain and sustain competitive advantage. This plan reflects how company leaders think about what it takes to succeed in their market. At the very center of strategy is the idea that successful companies will figure out how to offer to customers unique value that cannot be imitated by competitors.
What Do Business Strategists Do?
Strategists help a company achieve competitive advantage by developing plans that allow the company to offer unique value to their customers. Strategists collect and analyze information about competitors, customers, and the resources and capabilities of the company. Strategists then use this analysis to make recommendations about where to invest and what actions to take, over time, in order to achieve superior firm performance. Recommendations may be about revenue growth, competitive positioning, acquisitions, building internal processes and capabilities, structuring existing assets or resources, entering new markets, product launches, or any other aspects that can result in higher performance for the company.
A good strategy also ensures that imitation of a company’s moves will be difficult for competitors. Strategists help the company organize people and processes so the company can grow and become more efficient. Thus, strategists help a company to be profitable because the company satisfies customers better than other companies. Employees and investors are also satisfied when companies succeed because of good strategies.
Strategists work in several interesting roles such as business managers, business analysts, consultants, and corporate strategists.