Question

Why is sustainable competitive advantage a critical strategy-making consideration? no copy and paste

Answer 1

There always a need for formulation of strategy in order to achieve objectives with a view to attain sustainable competitive advantage in comparison to competitors in an industry. The four steps governing the same are Mission, Vision, Objectives and Values. Further, the concepts of Strategic Purpose and Strategic coherence come into play while formulating strategy. Firms should achieve these concepts with the view to give a direction to the implementation of strategic purpose in realizing the Organizational goals in a definite manner without diverting from the track. When Strategic Planning is in place, the chances of maintaining sustainable competitive advantage is therefore feasible. Hence sustainable competitive advantage a critical strategy-making consideration.