2. Business Strategy Development

Business strategy development is the process of planning how a business will achieve its goals and compete in the market. It involves analyzing the company's strengths and weaknesses, understanding customer needs, and identifying opportunities and threats in the market. Based on this information, a business formulates specific actions and choices, such as which products to offer, how to reach customers, and how to allocate resources effectively. A well-developed strategy helps a company grow, adapt to changes, and succeed in achieving its long-term objectives.