Business-level strategies are used to define a plan to achieve a specific goal necessary to achieve business objectives. Entrepreneurs need targeted business-wide strategies to position themselves for both short- and long-term success. That said, these strategies tend to be long-term in nature, but allow for dynamic adjustments, based on uncertainty and changing market conditions. In other words, entrepreneurs use these strategies to achieve the long-term end goal, but they also know that changes will often be made based on different drivers of change. Company-level strategies are implemented throughout the organizational structure. Different strategies might be used by entrepreneurs at the same time, but they might be set at different levels of priority, based on what the owner considers most important. As we know, there are different types of business-level strategies. Say no to plagiarism. Get a tailor-made essay on "Why Violent Video Games Shouldn't Be Banned"? Get an Original Essay The most basic strategy is the diversification strategy, which focuses on companies that operate in different and unique product markets. If I owned my own business, I would want to put a company-wide strategy in place because a business strategy would indicate both the results my company intends to achieve and the means to do so. In other words, a business strategy would help determine the scope of my company's activities and how business processes support business objectives. In this way, the company is able to create value and aggregate returns across all of the company's activities. Greater aggregate returns and value than there would be without the strategy in place. Additionally, I would use this strategy to improve performance and set expectations of internal and external stakeholders, or those who are interested in the success of my company. The strategy I would use for my company would be an uncorrelated diversification strategy. This strategy is used for highly diversified companies with no relationships between their businesses. My company would have conglomerates spanning many different industries such as cosmetics, soda, zoos, and maybe even fashion. These activities are not related to each other, and because they are so different, I would make no attempt to share activities or skills between them. Each company would have its own functions and skills. This strategy allows a company to increase revenue and reduce costs through financial economies. Please note: this is just an example. Get a custom paper from our expert writers now. Get a Custom Essay Financial economies are cost savings achieved through better allocation of financial resources based on investments. Risk can also be reduced by using this strategy. By having many unrelated companies, I would have a portfolio with assets with many different risk ratios, so if one company were to fail, my entire company could probably stay afloat. While this type of business strategy can be difficult because it is much less cohesive and much more diverse, with the right acquisitions and individual skills for each sector, a company can create a lot of value while reducing risks..