This paper is organized in three parts. A brief overview of the importance of strategies within companies, as well as literature review is presented along with traditional approaches on strategies for achieving competitive advantage, and new approaches for gaining a competitive advantage. The main objective of the paper is to outline and discuss the relevant issues and challenges from a theoretical viewpoint related with the possible strategy formulation of companies in order to achieve a competitive advantage in a market. Therefore, the primary objectives of this study consist on the theoretical frames of strategies for achieving the competitive advantage, and considering the ways of implementing them in companies worldwide. This paper concentrates on secondary sources of research regarding the approaches on strategies for achieving competitive advantage. According to the previous literature, scholars present some traditional approaches for gaining a competitive advantage. The new approaches are also presented that inevitably will play a crucial role in the future while formulating strategies for gaining a competitive advantage. Therefore, in order to understand the determinants for strategy setting, secondary information will be collected, and the data will be compared and analyzed. Finally, the research propositions will be submitted.