Business policy refers to a set of guidelines, principles, and decisions that a company establishes to

guide its overall actions and decision-making processes. These policies help define the boundaries
within which employees can operate and make decisions. Business policies are designed to provide a
framework for consistency and direction in various aspects of the business, such as operations,
finance, human resources, and other key areas. They serve as a foundation for decision-making and
help ensure that the organization's activities align with its overall goals and objectives.

Strategic management is the process of planning, executing, and assessing an organization's strategies
to achieve its goals and objectives. It involves making decisions about where to focus resources, how
to respond to challenges and opportunities, and how to align the organization's actions with its long-
term vision. Strategic management aims to ensure that a company is moving in the right direction by
constantly adapting to its internal and external environment. It involves setting priorities, allocating
resources effectively, and regularly evaluating and adjusting the organization's strategy to stay
competitive and achieve success.

Strategic intent refers to a high-level, overarching vision or aspirational goal that a company sets for
itself to guide its actions and decisions. It goes beyond specific objectives and outlines a broader and
more inspiring direction for the organization. Strategic intent is often ambitious and forward-looking,
reflecting a company's desire to achieve a significant and meaningful impact in its industry or market.

A firm's competitive advantage is a function of several factors that contribute to its ability to
outperform its rivals and achieve superior performance in the marketplace.
ore competencies are the unique things that a company does really well and sets it apart from its
competitors. These are the special strengths and abilities that make a business successful. Core
competencies can include specific skills, knowledge, technologies, or processes that give a company
an advantage in the marketplace.

Imagine a company as a team of superheroes. Each superhero has a unique power (core competency)
that makes them special. When these superheroes work together, they create a strong and
unbeatable team (competitive advantage). Similarly, a company's core competencies are like its
superpowers that make it stand out and succeed in the business world.

For example, if a technology company has a core competency in designing user-friendly interfaces, it
means they're really good at making software or apps that are easy and enjoyable for people to use.
This skill could give them a competitive advantage because customers might prefer their products
over those of competitors with less user-friendly designs.