Business Strategy: What It Is, and Why It’s Important

Sonia Marciano
Sonia Marciano
New York University Stern Business School

Sonia Marciano is a Clinical Full Professor of Management and Organizations at NYU Stern, where she has been since 2007. She has taught Strategy at Columbia Business School and was an Institute Fellow and Senior Lecturer at Harvard University’s Institute for Strategy and Competitiveness. Prior to her time at NYU, she was a Clinical Professor of Management and Strategy at Northwestern University’s Kellogg School for eight years, as well as a Visiting Professor of Strategy at the University of Chicago. She was awarded Best Professor in Executive Education at Stern 6 times, as well as Favorite Professor Kellogg EMBA 6 years in a row.

Overview

What Is Business Strategy & Why Is It Important?

The basic definition of business strategy is “the art, science, and craft of formulating, implementing, and evaluating cross-functional decisions that enable an organization to achieve long-term goals and objectives.” While most of us want to act strategically, this definition provides little insight into what strategy actually is and how strategy is developed and implemented. In this session, we consider managerial and behavioral issues, as well as institutional details to derive principles that can be applied in both business and non-business settings.

Our session goal is to show how to, in a comprehensive, logical, and structured way, break down situations in which being strategic will improve your outcomes. The material we will cover has implications for fields related to strategy, such as corporate finance, marketing, and data analytics—but can help anyone focus on the big picture essentials and building blocks that form the foundation of an MBA.

 

Learn More About The Importance Of Business Strategy

Learn more about the importance of business strategy and why it is importance, as well as other important topics by checking out other videos at OneDayU, including ‘The History Of Children’s Literature, ‘Our Guide To Cheese& ‘The Similarities Between Chimpanzees And Humans’ all on-demand now.

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