Business Strategy Concept: A Systematical Review

Abstract

A business strategy is a crucial tool for a business, guiding its future and identifying opportunities and risks. It drives performance and alignment within the management team, achieving business goals. It determines goals in various aspects, including products, marketing, and financial management. It supports negotiations, partnerships, and innovation by seizing new opportunities. Business strategy also aids in managing human resources, optimizing performance, and defining department roles. It communicates internally and externally, building a strong brand image. It supports financial performance, reduces risk, and helps businesses adapt to market trends, enabling effective competition and overcoming challenges. Because of the significant of business strategy toward the success of companies, this article focuses on digging into the previous academic papers along the way of developing the business strategy concept to reveal a clearer vision about one of the standard concepts in business administration domain.