Why is a concise Business Strategy a critical element to having a successful business? What is the purpose of a Strategy and what are the key elements?

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Strategy Formulation:

Why is a concise Business Strategy a critical element to having a successful business? What is the purpose of a Strategy and what are the key elements? Give an example of a Business Strategy, in your own words, for a business that you frequent, use or know.

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Strategic Management, Concepts and Cases, 3rd Edition, Dyer, et al, Wiley, 2020: ISBN: 978-1-119-
56314-3