Business definition is a strategic process where firms select unique positions in their industry to gain competitive advantages. It involves creatively defining the firm's focus and objectives. Successful business definition results in the firm concentrating its efforts on key areas while avoiding unnecessary activities. It also provides direction and motivation for other strategic decisions. Over time, the optimal focus may need to shift from narrow to broad as industries mature and the competitive landscape changes, requiring periodic reevaluation and redefinition of the business.

1. BUSINESS DEFINITION
SUBMITTED BY:
NAVAN SODHI
AFREEN NISHA
DHRITIMAN PARASAR
PRATIK NATH
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LLOYD Business School

2. UNDERSTANDING BUSINESS DEFINITION
It is a strategic process by which firms and businesses select
positions in their industry.
The more unique the positions selected and occupied, the greater
is likely to be the competitive advantage enjoyed by the firm.
Management is a creative process that can impact the prospects for
success of firms and businesses.
One of the outcomes of successful business definition is that a firm
will focus on the things to do and likewise avoid the things that
should not be done.
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3. COMPETITIVE ADDVANGES
Positioning of a
firm in a
Business
Environment
Focus on firm’s
key Objective
Influencing
other strategic
decisions
Provides
Meaning &
Motivation
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4. THE CONCEPT OF FOCUS
It is necessary to have narrow focus in emerging industry.
Equally necessary to have broad focus as the same industry
matures and ages.
For new entrants the focus would be initially a narrow focus which
should be broaden as they successfully establish themselves.
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5. NEED FOR CONTINOUS REVALIDATION &
REDEFINITION
Even with the huge success and particularly
because of it, there is a need to look at business
definition to reflect the changing and dynamically
challenging competitive environment.
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6. THANK YOU
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LLOYD Business School