Firm Strategy: Definition, Nature and Characteristics
Porter (1985) defined strategy, in terms of competitive strategy, “… is the search for a favorable competitive position in an industry, the fundamental arena in which competition occurs. Competitive strategy aims to establish a profitable and sustainable position against the forces that determine industry competition”.
Strategic decision versus Tactical decision in firm
Strategic management is associated with making strategic decisions, that concern often the long-term future of firm, its changing business environment, and all of resources and people related to the firm. So, strategic decisions are different from the other ones by its following specific features (Johnson et al.,
The Best Business Strategy Examples Ever Seen
Most entrepreneurs dream of an innovative product or service that surprises their rivals and takes new markets by storm. What they tend to forget is that there needs to be an excellent business strategy accompanying the product. From Tesla, Airbnb, and Toyota to Hubspot, Apple, and Paypal – let’s dive into their business strategies