BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -Resources are inputs into a firm’s production process, such as capital equipment, the skills of individual employees, patents, finances, and talented managers. Capability is the capacity for a set of resources to perform a task or an activity in an integrative manner.

Detailed explanation-2: -So, what is strategic management process? Strategic management process is a continuous culture of appraisal that a business adopts to outdo the competitors. Simple as it may sound, this is a complex process that also covers formulating the organization’s overall vision for present and future objectives.

Detailed explanation-3: -Competitive priorities represent the strategic emphasis that a firm places on certain performance measures and operational capabilities within a value chain.

Detailed explanation-4: -The strategic management process begins with an understanding of strategy and performance. As we have noted in this introductory chapter, strategic management is both an art and a science, and it involves multiple conceptualizations of the notion of strategy drawn from recent and ancient history.