This section covers the essential and the most popular business strategy tools used by companies to implement their strategic plans to achieve a sustained competitive advantage. We also have articles on strategic management/strategic planning and its process.
Strategic management is the key process in every organization’s efforts to gain and sustain a competitive advantage. It is essential for both small and large organizations.
We only offer the well-researched and well-explained tools that can be instantly used by everyone!
Definition Competitive advantage means superior performance relative to other competitors in the same industry or superior performance relative to the industry average.[1] What is competitive advantage? There is no one answer about what is competitive advantage or one way to measure it, and for the … Read more
Definition The resource-based view (RBV) is a model that sees resources as key to superior firm performance. If a resource exhibits VRIO attributes, the resource enables the firm to gain and sustain a competitive advantage.[1] What is a resource-based view? RBV is an approach to … Read more
Definition Strategic management process is a method by which managers conceive of and implement a strategy that can lead to a sustainable competitive advantage.[1] Strategic planning process is a systematic or emerged way of performing strategic planning in the organization through initial assessment, thorough analysis, … Read more
Definition Strategic management can be defined as the art and science of formulating, implementing and evaluating cross-functional decisions that enable an organization to achieve its objectives.[1] What is strategic management? Various definitions are used to describe the subject, but few give a full and easy … Read more