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 [...]
A strategy is a route to a destination; an objective is the destination. Picking a destination is the choice of an objective. Selecting a route represents a decision. Driving along it is the implementation of the decision. Of course, both decision and implementation are necessary if you are to reach your strategic objective. Strategic management is an artful blending of [...]
'Strategy evaluation' is the process through which the strategists know the extent to which a strategy is able to achieve its objectives. In the words of Professor William F. Glueck and Lawrence R. Jauch, "Evaluation of strategy is that phase of strategic management process in which the top managers determine whether their strategic choice as implemented is meeting the objectives [...]