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What is Strategy? Definition, Components & Examples

The success of any business is determined by the effectiveness of the strategy it follows. A strategy explains how a company plans to compete in a market and how it intends to grow at a profit.

Businesses worldwide sell goods and services in competitive markets that require them to increase the value for owners and shareholders to secure their future existence.

This calls for a plan that helps managers guide their decisions and use resources effectively to achieve key objectives. This plan is also known as a business strategy.

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