Business strategy
A business strategy is the direction and scope of an organization over the life of the business venture, which achieves advantages for the organization through its configuration of resources within a challenging environment, to meet the needs of markets and to fulfill stakeholder expectations. It is also described as a long-term description of goals and tasks needed to implement those goals. Normally, a business strategy will cover a period of about 3-5 years to include all preparation time. A business strategy is crucial once the vision is derived and one must decide how to allocate resources.