Reactive strategies in business refer to the approach where a company responds to events or changes in the environment after they occur rather than anticipating and planning for them in advance.
Proactive strategies in business involve anticipating changes in the external environment, foreseeing potential challenges, and planning and implementing measures to address them before they occur.
A low-cost leadership strategy is a business strategy where a company aims to become the most cost-efficient player in its industry, often by producing goods or providing services at a lower cost than its competitors.
Stakeholder engagement are the processes by which an organization involves people who may be affected by the decisions it makes or can influence the implementation of its decisions.
Employee engagement strategies are designed to foster employee satisfaction, loyalty, and productivity. These strategies ensure employees feel valued and invested in their work, improving business outcomes.
Competitive strategy refers to a plan devised by a business to gain an advantage over its rivals in the marketplace and to defend against competitive forces successfully.
Strategic change refers to significant adjustments or modifications within an organization intended to enhance the company’s performance, market position, or operational effectiveness.
A commercial strategy refers to a business’s plan or course of action to achieve its commercial objectives, such as increasing sales, expanding market share, entering new markets, improving profitability, or enhancing brand recognition.
Strategic Cost Management (SCM) is a form of management accounting that focuses explicitly on the relationship between a business’s strategic goals and its resources, costs, and capabilities.
Strategic direction refers to a course of action that leads to the achievement of the goals of an organization. The broad roadmap outlines how an organization should move forward to reach its vision, mission, and long-term objectives.