Final answer:
The strategic decision-making model is a framework for making strategic decisions in an organization. The resource-based model focuses on internal resources and capabilities.
Step-by-step explanation:
The strategic decision-making model is a framework used to guide the process of making strategic decisions within an organization. It involves several steps, including identifying the problem or opportunity, gathering relevant information, evaluating and analyzing options, making a decision, and implementing and evaluating the chosen strategy.
The resource-based model, on the other hand, focuses on the internal resources and capabilities of an organization. It suggests that competitive advantage comes from utilizing unique and valuable resources that are difficult for competitors to imitate or replicate.
For example, a company may have a patented technology or a highly skilled workforce that gives them a competitive edge in the market. By leveraging these internal resources, the company can make strategic decisions that align with its strengths and exploit market opportunities.