1. Why strategy is important in an organization?

➢ Organizations derive their action plans from their objectives. This action plan is related
to the strategies. These strategies are critical for a company to achieve its goals and
objectives because they define the activities that an organization wants to, needs to, and
how they should be carried out. Strategies serve as the company's blueprint; having a
blueprint offers an overview of the organization's threats and weaknesses and how to
overcome them. This also provides methods for developing and utilizing strengths and
opportunities. Strategies play a significant role in determining a company's current and,
more crucially, long-term success.

2. Why do you think a company should have a competitive advantage?

➢ Competition is a critical factor in business. This competition keeps the market moving,
and as a company inside the market, there is a need for a competitive advantage to
attract and keep your customers. The market is moving at a fast pace, and customers'
actions, preference and factors for decision making can change in a blink of an eye.
Therefore, a company should have a competitive advantage to ensure and secure its
position in the market. It also helps in maintaining and creating loyal customers which is
the one that keeps the company going even in times of market decline. Competitive
advantage is a company asset, it is an advantage that sets you apart from your
competitors. These are advantages that attract customers to choose your product or
service provided, and these will eventually be the factors that will keep the customers
coming back.