The first rule of management is to select the right business. Develop and strengthen core competencies to enhance your competitive edge. Aim at satisfying customers and employees first, with a long-term goal of achieving profits. Strategy The object of business strategy is to establish a competitive edge in the marketplace that will allow a company to prosper by offering a long-term better value to its customers. The strategic process involves matching the organization's internal resources to the external market.
Strategy is the logic or rationale of a business that details both goals and methods of achievement.
Through the process of formulating strategy, a CEO positions his or her company for success by making choices about customers to target, markets to enter, products to offer, risks to manage, vulnerabilities to defend, customer needs to satisfy, competencies used to fulfill those needs, and the organizational structure required to support those choices. Project the actions required, resources needed, and results expected to carry out your strategy. Use planning to define and better understand the risks worth taking. Let management of these risks help you meet your goals. Develop formal programs to consider how you will really achieve your objectives.