The economic profit (EP) matric is a powerful tool to value businesses, evaluate strategies, and measure and evaluate performance. It can also be used to generate wealth for owners of small businesses and large corporations. All firms sm… Read More
Every firm, small or large, pursues a formal or informal business strategy to compete and become successful in the marketplace. Some become very successful, and others go out of business. However, to become successful, a company must als… Read More
The terms strategic planning (strategy formulation) and strategic management are synonymous and interchangeably used in the business world; however, both have different meanings. Strategic management encompasses strategic plann… Read More
Strategic management has long been used successfully by large organizations to manage uncertainties and for better positioning to generate long-term growth and profitability. Due to the current and predicted environmental uncertai… Read More
The concept of competitive advantage is embedded in the key components of the strategic management process. Strategic management is about gaining and sustaining a competitive advantage. From environmental scanning to vision stateme… Read More
During an economic boom, when the market demand exceeds the industry capacity, it is easier for firms to grow, remain profitable and create value. There is not much of a need to understand what a competitive advantage is and where and how val… Read More