What is Competitive Advantage ? Competitive advantage can be defined as the superiority that is enjoyed by a firm over its competitors in an industry. Hence, it can be thought of as a strategic advantage of a business. It allows a firm to build its position stronger than before. The terms strategic advantage and competitive advantage … Read more
VRIO Framework (Competitive Advantage, Competitive Parity & Competitive Disadvantage) Internal environmental analysis is essentially a resource-based approach to organizational analysis. Scanning an organization is affected by both the external as well as internal environment. While, external analysis is important for identifying the threats the external opportunities and in environment, the analysis of internal environment is … Read more
What is Resources ? The term “resource” has evolved from the Latin word “resurgere”, the meaning of which is “to rise”. It refers to the means that are used to accomplish desired goals. Resources can be anything that can be utilized to obtain something valuable. These resources can be anything ranging from assets owned by the … Read more
What is Business Definition ? Business definition refers to the description of products, services, activities, functions, and markets in which an organization deals. It is a component of mission statement which forms the foundation for all the strategic planning processes and shows the organisation a way to achieve success. It also helps the organisation in … Read more
Mintzberg’s 5P’s of Strategy Strategy has been used implicitly in different ways even if it has traditionally been defined in only one. Explicit recognition of multiple definitions can help people to man-oeuvre through this difficult field. Mintzberg provides five P’s of strategy: 1) Plan Strategies : A plan is probably the way in which most people use the word ‘strategy. … Read more
What is Corporate Culture ? Corporate culture is defined as the set of values, norms of behavior, modes of interactions, and ethical principles shared by the employees and owner of an organisation Corporate culture determines the character of an organisation. The vision and character of the founders of the organization are projected through the corporate culture … Read more
What is Organizational Structure ? Different activities such as allotment of work, establishing harmony, and directing are the parts of an organisational structure, which collectively aim at the attainment of organisational objectives. The structure of an organisation gives the outlook about the organisation to the people. The coordination between an organisation’s various works takes a … Read more
What is Leadership ? Leadership can be defined as the capability to inculcate confidence in employees to achieve the objectives of the organisation. It is a technique which outlines the group and organizational goals, assists in describing the groups or organizational culture and then stimulates behavior towards the realization of these goals. Effective leadership is based … Read more
What is Strategic Planning ? Strategic planning is not the same as corporate planning though it is a part of it Strategic planning is systematic process of finding out what goals the organisation can achieve in the future. It is a managerial process by which the organisation develops and measures its competencies so that they … Read more
What is Strategic Control ? Strategic control deals with monitoring the strategy after it has been executed in the organisation. This involves taking stock of the strategy and making any necessary corrections or clearing out any problems seen in its implementation. The authors Newman and Logan have used the term “steering control” to point out … Read more