You learn how to achieve a sustainable competitive advantage despite competition or, even better by creating a new market. In doing so, the two best-known strategy approaches are combined: the market-oriented and the resource-oriented view of strategy.
According to the market-oriented view of strategy understanding the competitive landscape is crucial. This involves evaluating competitors’ strengths and weaknesses, identifying market trends, and anticipating changes in consumer preferences. Such analysis helps businesses position themselves effectively in the market and differentiate their offerings from competitors.
According to the resource-based view of strategy, a sustained competitive advantage is achieved through strategic resources that are valuable, rare and difficult to imitate or substitute. The resource-based view of strategy also recognizes the importance of a company’s ability to adapt and innovate over time. Organizations must develop dynamic capabilities that enable them to respond to changing market conditions, technological advancements, and evolving customer preferences.
