Competitive advantage refers to the ability of an organisation to formulate strategies that place it at a favourable position relative to other companies in the industry. Companies achieve competitive advantage through effectively leveraging their capabilities. A firm's capabilities include all of its physical and financial assets as well as all capabilities, competencies, organisational processes, firm attributes, information, knowledge, and so [...]
Strategy outlines how management plans to achieve its objectives. Strategy is the product of the strategic management process. Strategy is like the blueprint of decisions an organisation takes in order to achieve its objectives and goals, and plans for achieving these goals, and defines the business the company is likely to pursue, the type of economic and human organisation it [...]
A joint venture refers to joining together of any two businesses for a common purpose and mutual benefit. These two organisations may be private, government-owned or a foreign company. Joint venture maybe for either long term or short term duration. Learn about:- 1. Introduction to Joint Venture 2. Meaning and Scope of Joint Venture 3. Features 4. Formation 5. Situations [...]