Abstract
The purpose of this study is to review various business strategy options and the experience of some of the companies out there who have managed to create a new market space in already declining and saturated industry. Irrespective of sizes of companies, small, medium or large, it is customary to evolve a business strategy, in order to set the future strategic position of the firm in the marketplace in terms of product and service offering, pricing and growth strategy. An organization could have an ideal strategy formulation in place, but without proper implementation mechanism it would be waste of resource and time and a pointless effort that could not produce the expected result. The research methodology employed in this study is literature review of peer reviewed articles published in quality journals. The analysis and discussion led to findings that there is always a room for incremental innovation and customer value proposition that would lead to create a new demand and market space. Moreover, there is no ‘one size fit’ strategy that would give winning edge for businesses, rather situational approach and combined strategy option could be the approach recommended.