The objective of this paper is to present factors that can impact the strategy, responsible for the understanding of the competitive context, so that a business and operation strategy can be formulated to reach competitive advantage. These factors were identified in CAC – Campos e Armas da Competicao (in Portuguese), Fields and Weapons of the Competition model of strategy formulation, and in the literature review. Using qualitative methodology supported on documentary research, we analyzed 10 industries listed in the BM&FBOVESPA Stock Exchange, Sao Paulo, Brazil, that composes the ISE Index (Enterprise Sustainability Index), with an estimated total market value of US$ 116 Billion based on October 2015. The results showed that the factors presented were used by these industries to formulate their strategies, but none used all of them. This research is designed for industries that compete in environmental sustainability.