Advantages And Methods Of A Successful Business Strategy

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Do you know how to come up with competitive, successful business strategies for your company as a management? As the world changes constantly and unpredictably, competitive strategies are of great significance to the survival of a company among fierce competition, because the fact remains that every organization in a certain industry works hard to satisfy their customs as well as possible. In the Futurics article” Business Strategy”, Vu (2007) focuses his attention on essential features of a successful strategy and methods of developing and maintaining a competitive advantage. Vu’s conclusion of competitive business strategies associated with dynamic and flexibility, the comparison between the resource-based view and the industrial organization …show more content…

Vu states that if a company wants to be a lead among its competitors, it is expected to recognize its competitive advantages and underlying competitive advantages. Obviously, realizing self-merits enables corporations to know its market position generally in a specific industry. What is more, it is also a chance for firms to see its demerits when compared with others. Only when a company finds out what could unseat its contemporary strength and where is the advantage tomorrow, it is able to alter its business strategy so that the company can maintain adequate competence along with the variation of economic situation all the time. Exactly, “An organization’s competence is the key to good or poor performance and to survival.”(Johnson and Scholes, 2002, p149). All in all, there is no denying that being able to come up with a successful business strategy, management should consider various factors, like the flexibility of a strategy, two different views of capturing competitive advantages, and the significance of competitive advantages. Vu’s article does good job detailing different aspects of a good business strategy. As managements become more aware of how to develop business strategies, the economy will boost

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