The three types of business strategies are: plain strategy, corporate strategy and competitive strategy. These are the three primary forms of strategies business owners should familiarize themselves with.
Plain strategy is simply the steps needed to achieve a goal or end result. A strategy is planned out based on the resources available and outlines a way to use them to the business's advantage.
Corporate strategy involves a company's mission and includes what the company's primary focus will be and what it will eventually become.
Competitive strategy takes into consideration the bargaining power of suppliers and buyers and the threat of new entries into the same business along with competition among existing firms.
Several aspects of business management affect a company's strategies. Customer relations go a long way in determining the strategy a business will use and how far that strategy will take it. Business owners and managers must look at things like short-term and long-term growth goals, production and marketing capabilities, distribution methods and profit goals.
A business also needs to look at how far it is willing to compete with its competitors and the technology it will use to achieve its goals. A business's courses of action, competitors and choices will all help to determine the types of strategies it employs.