Every company that competes in an industry has a competitive strategy. Strategy is the direction and scope of an organization in the long term: which achieves benefits for the organization through its resource structure in a challenging environment, to meet the needs of markets and meet stakeholder expectations. In other words, strategy is about the direction in which the company seeks to move in the long term. A strategy should help find potential markets in which the company and corresponding activities compete. It should help analyze the resources needed to compete, for example: skills, resources, finance, technical know-how, etc. The strategies should help analyze external environmental factors that affect the company's ability to compete. Finally, it should help analyze the values ​​and expectations of stakeholders who have power inside and outside the company. The organization's strategy must be formulated in such a way that it has a clearly specified unique distinctiveness. This distinctiveness must position the organization in the potential market with a strong base. The developed strategy will be successful when it adapts to the company's activities and these must balance each other and provide the right benefits to the company and its customers. The final concept is to position the company in such a way as to ensure its long-term survival in the competitive environment. The various elements of strategies are strategic planning, strategic thinking and strategic management. Strategic planning is a management tool. It has one of the main purposes as a management tool, which is to help an organization...... middle of paper...... and dynamic approaches are equally important. Organizations will prove more effective when they apply both of these strategic approaches. The organization should know where it is going and also be quick enough to seize the new opportunities and embrace the changes in the competitive market to gain a competitive advantage. BIBLIOGRAPHY: Strategic Management - An Integrated Approach Charles WL Hill / Gareth R. Jones (Third and Sixth Editions) Strategic Management - Issues and Cases Paul Dobson, Kenneth Starkey and John Richards Competitive Strategy - Techniques for Analyzing Industries and Competitors Michael E . Porter WEBSITES: 1. www.findarticles.com 2. www.pim.com 3. www.tutor2u.net 4. www.whatcar.com 5. www.strategyclub.com