Strategies are the long-term plans that a business puts in place to achieve its aims and objectives. For example, these might include developing new products, growing by acquiring other companies or reducing costs.

IMI, a global engineering group, has a strategy that focuses on increasing business in its chosen niche markets, accelerating growth by investing in new products and reducing costs.

High street retailer Mothercare is currently focusing on its turnaround strategy. The strategy includes lowering its prices on some ranges and expanding in markets such as the Middle East and Africa. (BBC, 22nd November 2012)

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