"Strategy" is a set of tools and conceptual maps for uncovering relationships between choices that managers make and performance that firms realize. Competitive advantage is when a firm earns a higher rate of economic profit than the average rate. Market share is when one firm's production, pricing and marketing decisions materially affect the prices that others pay.
"Strategy" is a set of tools and conceptual maps for uncovering relationships between choices that managers make and performance that firms realize. Competitive advantage is when a firm earn…