Importance strategy

In 100 words or more reply to statement below about importance of strategy

Strategy is a very important element for anyone who wants to start and maintain a successful (global) business. A firm’s strategy can be defined as the actions that managers take to attain the goals of the firm. In most cases, the goal of the firm is to increase the value as much as possible. Choosing the correct strategies can increase the profitability of a firm, which is the rate of return that the firm makes on its invested capital. Managers might want to try a strategy that will sell more of their existing products, so they branch out and make deals with other businesses to sell their products. For example, when you go into a cell phone store like Cricket or T-Mobile, you can see a variety of different accessories for your phone that were not created by the phone carrier although they are sold there.

Hill, C. W., & Hult, G. T. (2017). International business: competing in the global marketplace. New York, NY: McGraw-Hill Education.

 

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