The Role of Strategy in Management: Strategy and Competitive Advantage | Saylor University

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The Role of Strategy in Management: Strategy and Competitive Advantage | Saylor University

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This chapter focuses on how businesses use strategy to create a competitive advantage and value for the organization. Understanding how organizations can be strategic in their thinking helps ensure that organizations select the right projects to align with what is important.

Competitive Advantage

Strategy and Competitive Advantage

Achieving competitive advantage is not likely to be a formal goal of a business. However, having competitive advantage means a company will have resources to pursue its goals. When firms beat their competitors it means they can finance more research and development to improve their products or services; they can spend more on advertising and promotions to attract customers; they can donate to charities to improve community relations; and they can provide greater profits to their owners. In short, competitive advantage is the means to meeting organizational goals.

Because strategy is a plan to achieve long-term goals, we can define strategy as a plan to create sustainable competitive advantage.

Walmart's supply chain helps to keep its prices low, giving it a competitive advantage over others.

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