The Basics of Business Strategy As leaders develop strategies for their organizations,

The Basics of Business Strategy

As leaders develop strategies for their organizations, it is important that they have an accurate and comprehensive understanding of the components of business strategy. These resources address the questions of what business strategy is and why it is important.

De Flander, J. (2016, February 4). What is business strategy? A simple business strategy definition!Links to an external site. [Video file]. Retrieved from https://www.youtube.com/watch?v=0cMdPH6jZCM

Note: The approximate length of this media piece is 8 minutes.    

Kryscynski, D. (2015, January 5). What is strategy?Links to an external site. [Video file]. Retrieved from https://www.youtube.com/watch?v=TD7WSLeQtVw

Note: The approximate length of this media piece is 9 minutes.    

Porter, M. (2008). The five competitive forces that shape strategy. Harvard Business Review.

Time Estimate: 36 minutes

Thompson, A. A. (2018–2019). Strategy: Core concepts and analytical approaches (3rd ed.) [BSG electronic edition]. Burr Ridge, IL: McGraw-Hill Education.

Chapter 1, “What Is Strategy and Why Is It Important?” (pp. 1–11)

Time Estimate: 22 minutes 

Mission and Vision Statements

There are many benefits for companies in having clear and strong mission and vision statements. These statements help define the company, guide leadership and employees with a sense of direction, and provide information to customers about the makers of their products and providers of their services. Using these resources, you will review the importance of mission and vision statements, and examine what is involved in creating them. 

Thompson, A. A. (2018–2019). Strategy: Core concepts and analytical approaches (3rd ed.) [BSG electronic edition]. Burr Ridge, IL: McGraw-Hill Education.

Chapter 2, “Charting a Company’s Long-Term Direction: Vision, Mission, Objectives, and Strategy” (pp. 12–31)

Time Estimate: 40 minutes    

365 Careers. (2018, January 26). The mission, vision, and values statementsLinks to an external site. [Video file]. Retrieved from https://www.youtube.com/watch?v=8wem6FZAucw

Note: The approximate length of this media piece is 6 minutes.    

Virtualstrategist. (2016, November 1). How to write a mission statementLinks to an external site. [Video file]. Retrieved from https://www.youtube.com/watch?v=1xs4I349cdc

Note: The approximate length of this media piece is 3 minutes.

Competitive Advantage

One of the most important factors of a business is the competitive advantage that it can secure for itself so that it can remain stable and profitable. There are many factors that contribute to having a competitive advantage, which are explored through these resources.  

Turi, P. (2018, May 4). Defining your global competitive advantage: Four pillars of successLinks to an external site. [Blog post]. Retrieved from https://www.edc.ca/en/blog/global-competitive-advantage-success-pillars.html 

Time Estimate: 5 minutes    

White, J. (2019, February 20). Competitive advantage: Definition, examples and global impactLinks to an external site.. Retrieved from https://www.thestreet.com/personal-finance/education/what-is-competitive-advantage-14869235

Time Estimate: 10 minutes