What are strategic competitiveness, strategy, competitive advantage, above-average returns, and the strategic management process?

In brief, these are the action plans and ways for a company to stand itself out in the industry.

Explanation:

Let's start by strategy,

Strategy: An action plan to achieve organization's goals. For example: Company A has goals to emerge as a unique business within it's industry but how? So, to solve these how to do questions strategy plays the vital role, it clears out the to do tasks or ways you would achieve your goals to get what you want. Strategic competitiveness: When you adapt a strategy which is unique, or can't be copied by another company of your industry, it means that your strategy is competitive.Competitive advantage: It can be understood by a simple question. What is that you are doing different than anyone else in your industry? In terms of strategy, (as mentioned in strategic competitiveness) if your strategy is unique and no one else is following it you gain a competitive advantage.Above average returns: Why go for a unique strategy? You can possibly earn returns with the usual strategy, so why waste time and efforts to create a unique one? The reason for that is you want above average returns, more than normal returns an investor expects. Strategic Management Process: Process through which companies can get a competitive strategy to earn competitive advantage over other companies, it has 4 steps: Strategic Inputs.Strategic Actions.Desired Strategic Outcomes.Feedback.