This document discusses strategies for achieving competitive advantage in business. It defines business strategy as allocating resources effectively to ensure success. The document outlines three strategic approaches: planning, entrepreneurial, and adaptive modes. It also discusses evaluating competitors' strengths and weaknesses to identify opportunities. Developing a clear statement of competitive advantage that addresses customer needs and differentiates the business is key. The best business strategies are then determined based on this competitive advantage definition.

1. Business
Strategies for
a Competitive
Advantage
Korina Y. Dorado
BSHM II- 1d

2. → also known as an enterprise or a firm, is an organization
involved in the trade of goods, services, or both to consumers. A
business owned by multiple individuals may be referred to as
a company, although that term also has a more precise
meaning.
→ An organization or economic system where goods and
services are exchanged for one another or for money.

3. →a careful plan or method for achieving a particular
goal usually over a long period of time
→the skill of making or carrying out plans to achieve a
goal

4. Business Strategies for a
Competitive Advantage
→ Business strategy is all about competitive
advantage. Businesses need strategies in order to
ensure that resources are allocated in the most
effective way. Many studies of strategies and a lot
literature have been carried out that outline the
importance of strategies in managing the businesses
successfully.

5. Henry Mintzberg
According to him, business strategies could follow
one of three modes:
•planning,
•entrepreneurial, and
•adaptive mode.
→He argues that the right choice depends on
contingency variables such as the size and age of
the organization and the power of key decision
makers.

6. → The main objective 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.

7. → Carefully evaluate established or emerging competitors
in the market to identify their strengths.
→ Consider their weaknesses and what opportunities this
creates for a new company to potentially establish a
foothold in the market by addressing those gaps.
→Also evaluate companies that have established a
leadership position in other markets for ideas and examples
of how competitive advantages can effectively be
developed.
→ Review what is known about the competitive landscape
to understand factors in the external environment that may
be a source of competitive advantage.

8. → Analyst Reports – If players in the competitive
landscape are public, carefully review analyst reports for
clues regarding a company’s core assets, strengths, and
sources of competitive advantage. These publications
may also provide information about the chosen business
strategies of public companies.
→ Personal Networks – Network with individuals in the
field to gain insight into the competitive advantages and
supporting business strategies that have been chosen by
these companies, how well their strategies support their
competitive advantages, and any difficulties they have
encountered along the way.

9. → Perform a detailed assessment of the company’s own
strengths, weaknesses, and assets. Think about which ones
potentially can be developed into competitive advantages,
taking into account important internal and external factors
(such as the availability of time, money, and necessary
connections).
→Evaluate how the company’s competitive advantages align
with the most urgent and important needs of customers in the
market, as well as the strengths and weaknesses of
competitors.

10. → Involve key members of the company in this assessment to
make sure nothing is overlooked and multiple perspectives are
considered. Be honest about which competitive advantages
are truly feasible, sustainable, and substantial enough to
differentiate the company. Validate the assessment with an
outside expert or advisor if additional objectivity is required.

11. → Articulate the most promising competitive advantages
that have been identified in a concise statement of
competitive advantage. This statement should convey in one
or two sentences what the company does, for whom it does
this, how this uniquely solves an urgent need in the market,
and why competitors cannot imitate it. Many companies
have competitive advantages, but few can clearly and
explicitly articulate them. A defined statement of
competitive advantage helps the company more effectively
persuade potential investors about its ability to capture the
value created by its products and ultimately position itself in
the market and convincingly demonstrate to customers why
it is a more valuable alternative than the competition. Keep
in mind that the statement must present a distinctive
advantage that cannot easily be replicated by others and
also can be demonstrated in concrete terms.
→ it is essential to involve all key members of the team in the
development of the statement of competitive advantage.

12. → Based on the definition of its competitive advantages,
determine the fundamental business strategies that make
sense to pursue. Start by eliminating strategies that are not
applicable. Then consider which of the remaining strategies
make the best match based on the business itself, the
needs of the market, and the value propositions the
company is trying to demonstrate to its stakeholders.
→ Make this decision with the management team. Involve
the board of directors for additional expertise and to
validate the approach. Recognize that this is just one
aspect of a holistic business strategy, and invest time and
energy in making sure the rest of the strategy lines up
around the fundamental business approach that has been
chosen (and vice versa).