Business strategy or "strategic management" is the uppermost level of decision-making that drives a business. This is the domain of the C-suite and takes a top-down view of the business. It's where the most fundamental directional choices are made that affect every aspect of the business.
Strategic management asks questions like:
- What is our long-term vision and trajectory?
- Should we allocate resources to entering a new market?
- Should we drop certain departments/businesses or retain our current portfolio?
Answering these questions requires in-depth data analysis and market understanding. These are huge decisions for a large business, and doing "due diligence" on the potential directions and outcomes is an intensive process.
This is why business leaders will often bring in strategy consultants who specialize in a particular industry or type of business decision. The consultants will be able to look at every possibility and probability and provide a thorough, unbiased brief the C-suite can then use in their decision-making.