A business strategy defines the direction in which a business will take in the future. The business organization tries to achieve an advantage over the competition by the configuration of its resources within a confronting setting so that the needs of the market are met and the expectations of its stockholders are fulfilled. This is the overall definition of a business strategy. This focuses a business organization on which market it should engage in and the activities that are needed to compete in that particular market for the business to grow.
In making a business strategy, the planners need to determine how the organization can outperform its competition in a particular market niche. These are the advantages of the company which it needs to utilize, in order to gain the upper hand. In this connection, the right resources that the company can utilize should be gained, in order to maintain its competitive advantage. These resources will include the skills, various company assets, relationships, facilities and technical competence. As an organization plan how to manage its resources, it should also