Topic > Benefits and Methods of a Successful Business Strategy

Vu states that if a company wants to be a leader among its competitors, it is expected to recognize its competitive advantages and underlying competitive advantages. Of course, realizing one's own merits allows companies to know their overall market position in a specific industry. Furthermore, it is also an opportunity for companies to see their own demerits compared to others. Only when a company discovers what may weaken its current strength and where the advantage will be tomorrow is it able to change its business strategy so that the company can constantly maintain adequate competence as the economic situation changes. Exactly: “An organization's competence is the key to good or poor performance and survival.” (Johnson and Scholes, 2002, p149). All in all, it cannot be denied that in order to come up with a successful business strategy, management should consider various factors, such as the flexibility of a strategy, two different points of view on gaining competitive advantages, and the importance of competitive advantages. Vu's article does a good job detailing the different aspects of a good business strategy. As executives become more aware of how to develop business strategies, the economy will increase