Strategies for achieving competitive advantage

Business strategy is all about competitive advantage. Businesses need strategies in order toensure that resources are allocated in the most effective way. When a firm sustains profits that exceed the average for its industry, the firm is said to possess a competitive advantage over its rivals. The goal of much of business strategy is to achieve a sustainable competitive advantage. The strategy of differentiation involves offering a different product, a different delivery system, or using a different marketing approach.

A paper strives to present a brief overview of the importance of strategies within companies, as well as literature review to be presented along with traditional approaches on strategies for achieving competitive advantage, and new approaches for gaining a competitive advantage.

The main objective of the paper is to outline and discuss the relevant issues and challenges from a theoretical viewpoint related with the possible strategy formulation of companies in order to achieve a competitive advantage in a market. Therefore, the primary objectives of this study consist on the theoretical frames of strategies for achieving the competitive advantage, and considering the ways of implementing them in companies worldwide. This paper concentrates on secondary sources of research regarding the approaches on strategies for achieving competitive advantage.