The paper aims to systematize business management strategies and identify their potential opportunities for the development of the competitive business advantages in transition economies. Characteristics of the features of modern business in developing countries (on the example of Ukraine) are given in the article in concise form. The relevance of the study of the relationship between strategy and business management is substantiated. Modern interpretations of the concepts of «strategy», «strategic management», «strategic set of strategies», «business» and «competitive business potential» are presented. A generalized classification of strategies used in practice for effective business management and its development is described. Possibilities of strategies for formation of competitive business advantages in the modern conditions of market transformations are determined. The scheme of the pyramid hierarchy of a «strategic set of strategies» of a diversified organization is presented. An analog model of competitive business potential by implementing a strategic set of strategies is formalized. Directions of further research are recommended. They include: analysis of the impact of strategies on the process of business management, evaluating the effectiveness of using strategies for effective business management and the choice of priority strategies for effective business management.