BUSINESS STRATEGY ( W501)

Submitted by Submitted to
Shamsul Nawed Nafees Mr. Sheikh Morshed Jahan
Roll: ZR-01 Professor
Institute of Business Administration
University of Dhaka

A plan is a blueprint to achieve a certain goal. When we create a plan, we are figuring out how to
achieve a certain objective that we have recognized that we must meet. This means evaluating various
options and ways to get to the same objective and then selecting the most efficient and effective way to
get to the goal.

A strategy is far more long term. It also involves a series of big moves which means that a strategy
consists of major actions taken in order to achieve a set of goals previously selected. It is derived from
the vision of the company which in turn is derived from the mission that the company has set itself. In
other words, it is a formulated set of actions to allow managers to outperform their competitors and
increase the profitability of the company.
There is some degree of controversy as to how well the term profitability captures the true mission of
the company considering monetary profit is a very short term view of the company and therefore
ignores certain actions that create lots of positive benefits for stakeholders. Alternatively, profitability
can be thought of a wide-ranging word that includes elements of positive value created throughout the
supply chain which improves the definition.

 Mission: It is a long term goal that defines the organization. It can be figured out by answering a
few questions such as
1. What the company is?
2. What is the purpose of the company existing?
3. Why does it do what it is doing

The mission never changes unless the company changes its entire identity wholesale. For e.g.
IBA’s mission is to created business leaders

 Vision: This is where the company wants to see itself in the slightly longer term (3-5 years). This
is updated to fit the company’s view of the market and the current scenario of the company.

KYC- Know your customers

KYS- Know your stakeholders

CIC- Challenge, Inspire, Change

Triple Bottom Line: 1. Profit

2. People
3. Planet