Business Strategy: What it is, and Why it's Important

Sonia Marciano – New York University Stern Business School

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.