Which is more important in explaining the success and failure of companies: strategizing to create valuable resources, or luck?. Management

In most cases, the success of failure of companies can be attributed to strategy that creates valuable resources. In fact, the primary objective of strategy is to achieve a sustained competitive advantage. It can be achieved when a company pursues strategies that build its existing valuable resources or formulate strategies that create additional valuable resources. If the company manages to formulate its strategies in that way that creates valuable resources, the demand for the product should increase and/or the costs of production should decrease. Nevertheless, luck is still an important factor that can drastically change the course of action for the companies. Unfortunately, we have no control over luck thus we cannot relay on when trying to create a successful company. In fact, there are a few companies that can attribute their success to pure luck. However, if we look at these top companies that managed to sustain a competitive advantage over time (e.g. Wal-Mart or Apple), their success was a result of excellent strategies that created valuable resources.