Home  Journals  Regional Economics: Theory and Practice  36(363) - 2014 September

Problems of realization of competitive advantages of doing business in the form of complementary strategies

Available online: 21 September 2014

Subject Heading: Economy and management

JEL Classification: 

Pages: 2-9

The authors pose the problem of realization of competitive advantages of business entities in the market environment. It is proved that the implementation of a complementary strategy forms an innovative vector of modern business development. The authors' concept of complementarity extends the model of M. Porter by the evaluation of significance and role of additional market participants. The authors offer a new methodological approach and algorithm of realization of complementary strategies to involve complementator-participants in the integration processes of the competitive business environment. The mechanism for implementing complementary policies at the enterprise includes both an external market analysis and internal analysis of own forces and capabilities, which help to select the most suitable complementators. The authors propose an algorithm (map) to implement complementary strategy within a client-focused business approach. The very concept of complementarity comes from the fact that many organizations, or services, or theories based on different systems of relations, complement each other and can be used to build higher-level systems. Based on this idea, one can form a new higher-order system that shall provide all the necessary options for the organizations, complementing or replacing various functions. The authors reveal methodological approaches to the implementation of a company's complementary strategy focused on the sustainable development to achieve common goals and objectives; the ability to cooperate and establish common standards and principles and hence reach the efficiency results better than the ones of competing organizations. The algorithm and implementation of complementary strategy of business units focus on a complex analysis of their strengths and weaknesses, market monitoring and the selection of appropriate competitor-cooperators, in effect, complementators, the cooperation with which will be effective and sustainable. Focusing on common objectives shall enhance the financial stability of complementators, minimize risks and provide guaranteed results of the cooperation.

Keywords: complementary strategy, algorithm, implementation, methodological approaches, implement

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