The main objective of this article is to relate business strategies of firms to their performances by studying largest manufacturing firms. The strategic concept is presented, then two other major concepts competition and performance and their linkage to strategy is discussed in detail. This is followed by the analysis of empirical studies on the determinants of firm financial performance. One of the key empirical observations made by traditional strategy case research was that firms within the same industry differ from one another, and that there seems to be an inertia associated with these differences.
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