BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -Strategy – set of policies, procedures and approaches to business that produce long term success. Strategic Management – involves the development of a sustainable competitive position.

Detailed explanation-2: -By a correct understanding of their competitive situation and by using instruments of cost management, companies can reduce unnecessary costs. Also strategic cost management, by providing more accurate data for the managers, helps them in the short and long-term decision-making to achieve their strategic goals.

Detailed explanation-3: -Strategic management involves the development of a sustainable competitive position in which the firm’s competitive advantage spells continued success. A strategy is a set of goals and specific action plans that if achieved, provide the desired competitive advantage.

Detailed explanation-4: -Strategic Cost Management is an approach focusing on making a business more competitive by reducing costs of operations. More specifically, it integrates cost information into the decision-making structure as a means of reinforcing the organizations business strategy.