Principles and Concepts of Business Strategy

Course Description

Simply put, strategy is about putting a business in the best place possible to gain competitive advantage in its target market. However, to achieve competitive advantage requires research, analysis, interpretation and strategic decision making. The aim of this unit is to develop learner’s knowledge and skills so they are in a strong position to contribute to an organisation’s strategy development and implementation.

Course Objectives

Simply put, strategy is about putting a business in the best place possible to gain competitive advantage in its target market. However, to achieve competitive advantage requires research, analysis, interpretation and strategic decision making. The aim of this unit is to develop learner’s knowledge and skills so they are in a strong position to contribute to an organisation’s strategy development and implementation.

Key Topics

1. LO1: Understand the principles of business strategy.
2. LO2: Understand key business strategy theories and concepts.
3. LO3: Understand a business’s strategic options.

Course Outline

Learning Outcomes

1. LO1 Understand the principles of business strategy.
2. 1.1 Explain what is meant by the term ‘business strategy’.
3. 1.2 Compare different levels of business strategy.
4. 1.3 Compare elements of a strategic framework.
5. 1.4 Explain strategy development processes.
6. LO2 Understand key business strategy theories and concepts.
7. 2.1 Differentiate between different types of business strategies.
8. 2.2 Compare the elements of a strategic management process.
9. 2.3 Discuss key organisational theories which impact business strategy.
10. LO3 Understand a business’s strategic options.
11. 3.1 Explain what is meant by the term ‘strategic option.’
12. 3.2 Compare different strategic options available to a business.
13. 3.3 Recommend a relevant strategic option which a business could implement.