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 functional strategy is the short-term game plan for a key functional area within a company'. It is the approach a functional area takes to achieve corporate and business unit objectives and strategies by maximizing resource productivity. It deals with a relatively restricted plan that provides the objectives for a specific function, for the allocation of resources among different operations [...]