What kind of strategy should a company apply to stay highly competitive, in the current digital age?

Just when you thought the world could not get any more volatile or complex, Digital starts rapidly reshaping business models and driving industry convergence. As product and service lifecycles are shrinking from years to months to weeks, the new model of product and service adoption is more of a shark fin than a bell curve, characterized by sudden, even violent success, a short but brilliant period of dominance followed by dramatic decline.

Digital is also opening the floodgates on contestable markets—ones with low barriers to entry and exit—so that both upstarts and traditional players can come from nowhere and quickly gain dominance.

So how can companies create and sustain a competitive advantage? To grab opportunities in the face of today’s rapid, complex and volatile landscape, companies need to become much more agile, adaptive and aligned. Creating new models for competitiveness. Clearly, this is not your father’s business model. But it is the only way to survive in the age of digital.

Highly competitive organizations and flexible organization can easily adapt to change in technology and social media trends.Whereas for more Professional and Autocratic organization its hard to adapt to changing tech trends.It depends on type of industry.The organization culture should be strong to adapt to change and staff doesn't resist any shifts or change.Corporations need to broaden the market base of consumers.Reach out to masses through techniques.Research and development could help analyze the marketing and social media trends.It depends on on Industry and Product cycle as well.On inception companies require high investment in R & D, marketing to create a product whereas in growth or maturiyt stages they should cost less. Organizationn should develop as brands

Cut down cost to its minimum compartively to others, 

As due to internet facility, almost every other person, smart one obviously, make a research work before making any purchase or a deal.

So keep your self as much informed as its possible to meet day to day challenges in order to keep company profile at its highest possible position.

Contemporary strategies and to embrace Knowledge Management KM.

i will prefer market penetrative strategy but it depends on how much the product is costly to the firm. 

Embrace, adapt and innovate. 

Keep eyes and ears open, listen and see, remain flexible, take outside expert help, adopt, hire contemporary talent, reengineer business processes, accept mistakes and correct the course with new startegies and flawless execution