Research Paper on:
Business Strategies

Unformatted Sample Text from the Research Paper:
it and hoping that people will purchase it. Most company managers need some kind of plan or roadmap in order to determine how their firms can provide the best possible  product or service with the best possible value to their target market. Its no longer enough to have a viable product -- that product must have appeal to a particular  market, and the company must have the strategic vision as to how that product will be created, built, advertised and sold. As  such, new tools have been introduced during the past two or three decades in order to accommodate businesses and to help boost their success. Such tools are known as strategic  planning, strategic management and strategic thinking. While these tools have proven to be important in the majority of business situations, they created the same problem that many business leaders  have with other business tools-namely they dont understand what these concepts mean or how they can help a business better succeed. The  purpose of this paper will be to define these three important concepts of strategic planning, strategic management and strategic thinking and to explore their similarities and differences, as well as  their importance to the success of a business. Also under discussion will be the concept of business models, their use in business, and how they can help businesses to  succeed. Business models are also coming of age, as more business leaders are finding different ways in which they can effectively operate their businesses. Definition of Strategic Planning  The basic definition of strategic planning is the process that a company and its management undergoes to determine its long-term goals (Investorwords.com, 2002).