Competitive advantage refers to the attributes that allow a company to outperform its competitors, such as cost leadership or differentiation.
Market analysis helps identify opportunities and threats in the market, guiding strategic decisions.
A business strategy is a plan that outlines how a company will achieve its goals and objectives, including how it will compete in the market.
Implementation is crucial as it translates strategic plans into actionable steps, ensuring that the strategy is executed effectively.
A company can measure success through key performance indicators (KPIs), financial performance, and market share analysis.
Key components include market analysis, competitive advantage, resource allocation, and implementation plans.
If a strategy is not successful, a company should analyze the reasons for failure, adjust its approach, and implement changes as necessary.
