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Is it important to have a business strategy? Well, all of these are great questions and you should definitely seek their answers. Let’s go ahead and see what a business strategy is? A business strategy can be defined as a systematic approach or sequence of actions that can take you towards your goal. A goal of a company might differ based on the type of business and their aim. Some might go for expansion while some might aim profitability. Once you are devising a business strategy, you need to keep these things in mind and prepare strategy according to that. If you want to understand the importance of business strategy, there is nothing better than understanding it with an example. Kmart used to be the largest retailer in the USA and Walmart was just in its initial phases. If you look at both now, Kmart has gone bankrupt and Walmart is one of the largest companies in the world. Walmart had a better business strategy that was built on technology and innovation. However, Kmart

This strategy report emphasizes on the analysis and evaluation of the current strategy, structure and key driving factors of Virgin Australia. Methods of analysis included PESTLE, Porter's five forces, strategy canvas followed by the evaluation of strategic capabilities using VRIO matrix and SWOT. Economy and Technology proved to be the most significant factors through the PESTLE analysis. The influence through customer’s participation, reliability, innovative ideas and benefits on the aviation industry is huge. Porter’s five forces resulted in two key forces – the power of customers and the industry competitors are the two most significant forces in the market. The Strategy canvas framework compared the performance of Virgin Australia with its competitors Quanta’s and Jet Star. The results are: -         Virgin Australia should be to maintain a high level of customer service, -         keep on developing their highly skilled employees -         and ensure a magnificent Wi-