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Business Strategy

A business strategy is a set of competitive moves and actions that a business uses to attract customers, compete successfully, strengthening performance, and achieve organisational goals. It outlines how business should be carried out to reach the desired ends.

A business strategy is a deliberate plan that helps a business to achieve a long-term vision and mission by drafting a business model to execute that business strategy. A business strategy, in most cases, doesn’t follow a linear path, and execution will help shape it along the way. – FourWeekMBA

How this section fits into your business plan:

Competition
Who else in the market is doing similar things and why your products are better?

What products and services do your customers choose today instead of yours? How are you different? What makes your business and products better than the alternatives that are out there?

Target Market
Who buys your products (or will buy your products)?

Who is your ideal customer? Describe your ideal customer. Who are they?
How do you market your products and services to your customers?

Tip
Your business strategy (including competition and target market) will have a bearing on your Sales Channels and Advertising, Sales & Marketing.

Remember, different target markets might need different types of marketing activities to get your product in front of them.