20 Key Business Strategy Terms for Success
Welcome to our guide on 20 key business strategy terms for success! In today’s fast-paced and competitive business world, having a solid understanding of key strategy terms is crucial for achieving success. Whether you’re a seasoned entrepreneur or just starting out in the business world, this guide will provide you with the knowledge and tools you need to succeed.
A strategic planning technique used to evaluate the Strengths, Weaknesses, Opportunities, and Threats of a business or project.
An advantage that a company has over its competitors, which allows it to generate greater sales or margins and/or retain more customers.
The percentage of total sales in a market that is held by one particular company, product, or brand.
An innovation that creates a new market and value network and eventually disrupts an existing market and value network, displacing established market-leading firms, products, and alliances.
Blue Ocean Strategy
A strategic planning framework used to create uncontested market space and make the competition irrelevant.
Unique capabilities that a company possesses that are difficult to imitate and allow it to gain a competitive advantage.
A business strategy in which a company offers its products or services at the lowest cost possible compared to its competitors.
The process of distinguishing a product or service from others in the market, usually through unique features, quality, or branding.
A growth strategy in which a company expands its business into new markets or products.
The process of dividing a larger market into smaller segments based on specific characteristics and preferences to target them with tailored marketing strategies.
The unique benefits and value that a product or service offers to its customers, which sets it apart from its competitors.
Return on Investment (ROI)
A performance measure used to evaluate the efficiency and profitability of an investment relative to its cost.
The point at which total revenue equals total costs, resulting in neither profit nor loss.
The amount of cash a company generates and spends within a specific period, which is crucial for financial management and planning.
Key Performance Indicators (KPIs)
Specific metrics used to evaluate the success or progress of a business towards its objectives and goals.
A strategic partnership between two or more companies to achieve common goals and benefits.
A business strategy in which a company controls multiple stages of the supply chain, from production to distribution, in order to increase efficiency and reduce costs.
A growth strategy in which a company expands its business through mergers or acquisitions with companies operating in the same industry.
Intangible assets such as patents, trademarks, and copyrights that are legally protected and provide a competitive advantage to a company.
Individuals or groups affected by the actions and decisions of a company, including employees, customers, shareholders, suppliers, communities, and the environment.
And that’s it! You now have a quick and simple overview of 20 key business strategy terms for success. From “market segmentation” to “competitive advantage,” these terms are essential in helping you navigate the complex world of business.