This chapter outlines the key theoretical frameworks that chief executive officers should bear in mind when making strategic decisions and the specific traits of emerging markets, with a special focus on Latin America. Strategic analysis is all about current and potential changes, inside and outside of organizations. Organizations determine their individual action priorities in the form of strategic initiatives based on the observation and interpretation of the context and their own internal capabilities. Extraordinary corporate results constitute a proxy commonly used to establish whether a strategy is successful. The chapter offers several frameworks to analyze the strategic impact of the two variables – industry and country – which are external to the organization and shape the competitive environment. Niche strategies prove sustainable when pursued in mature businesses, but they may turn out to be extremely risky for sustainability if they are pursued during an industry’s development phase.