Soft and hard skills of crafting a strategy for a sustainable competitive advantage in a troubled economy
Dr. William Phiri, Euphrasia Ng’andwe, SR Angela Mwale, Malambo Nanchengwa, Mike Kasongo
Aaron Kapunula was part of the authorship of this article. Economic history of the free market capitalist’s countries shows that the period of economic prosperity or expansion alternates with the period of contraction, recession, downsizing or depression. These alternating periods of expansion and contraction in economic activity has been called business cycles or trade cycles. A depression develops when overproduction, decreased demand, or a combination of both factors leads to the curtailment of production, dismissal of employees, and wage cuts. As a result, consumer purchasing power is reduced causing the crisis to become more acute. However, it is important to note that these fluctuations are recurrent, hence the need for companies to devise sustainable competitive strategies to ensure survival during periods of depression. Therefore, this paper focusses on strategies that companies can craft and adopt when going through a troubled economy in order to gain a sustainable competitive advantage.