Cutting Costs Strategically
The business environment today has become extremely competitive. Companies are not only facing competition from their local competitors but also from global ones. Different economic and geopolitical factors make global supply chains necessary. The problem with having global supply chains is that operations become broad and complex. It is much easier to manage operations located…
What is Competitive Advantage in the Field of Strategic Management?
What is Competitive Advantage? It is a truism that strategic management is all about gaining and maintaining competitive advantage. The term can be defined to mean “anything that a firm does especially well when compared with rival firms”. Note the emphasis on comparison with rival firms as competitive advantage is all about how best to…
Competitor Analysis – Meaning, Objectives and Significance
Organizations must operate within a competitive industry environment. They do not exist in vacuum. Analyzing organization’s competitors helps an organization to discover its weaknesses, to identify opportunities for and threats to the organization from the industrial environment. While formulating an organization’s strategy, managers must consider the strategies of organization’s competitors. Competitor analysis is a driver…
Following are the main differences between Strategy Formulation and Strategy Implementation-
| Strategy Formulation | Strategy Implementation |
| Strategy Formulation includes planning and decision-making involved in developing organization’s strategic goals and plans. | Strategy Implementation involves all those means related to executing the strategic plans. |
| In short, Strategy Formulation is placing the Forces before the action. | In short, Strategy Implementation is managing forces during the action. |
| Strategy Formulation is an Entrepreneurial Activity based on strategic decision-making. | Strategic Implementation is mainly an Administrative Task based on strategic and operational decisions. |
| Strategy Formulation emphasizes on effectiveness. | Strategy Implementation emphasizes on efficiency. |
| Strategy Formulation is a rational process. | Strategy Implementation is basically an operational process. |
| Strategy Formulation requires co-ordination among few individuals. | Strategy Implementation requires co-ordination among many individuals. |
| Strategy Formulation requires a great deal of initiative and logical skills. | Strategy Implementation requires specific motivational and leadership traits. |
| Strategic Formulation precedes Strategy Implementation. | STrategy Implementation follows Strategy Formulation. |
Article Written by
Himanshu Juneja, the founder of Management Study Guide (MSG), is a commerce graduate from Delhi University and an MBA holder from the esteemed Institute of Management Technology (IMT). He has always been someone deeply rooted in academic excellence and driven by a relentless desire to create value. Recently, he was honored with the “Most Aspiring Entrepreneur and Management Coach of 2025 (Blindwink Awards 2025)” award, a testament to his hard work, vision, and the value MSG continues to deliver to the global community.
Article Written by
Himanshu Juneja, the founder of Management Study Guide (MSG), is a commerce graduate from Delhi University and an MBA holder from the esteemed Institute of Management Technology (IMT). He has always been someone deeply rooted in academic excellence and driven by a relentless desire to create value. Recently, he was honored with the “Most Aspiring Entrepreneur and Management Coach of 2025 (Blindwink Awards 2025)” award, a testament to his hard work, vision, and the value MSG continues to deliver to the global community.
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What is Competitive Advantage in the Field of Strategic Management?
April 3, 2025
