The 4 Ps; Product, Price, Place, and Promotion is known as the Marketing Mix. It is an all inclusive Marketing Strategy; a long-term forward looking approach. One can simply say that it is an overall game plan.
Michael Porter’s 3 Generic Strategies Model brings forward three basic strategic options or approaches available for any business organization to gain competitive advantage. They are; Cost Leadership Differentiation Focus
A Business Strategy is a master plan to achieve the vision, mission and set objectives of any organization while sustaining success over the long run in a dynamic business environment.