What do you mean by competitive advantage?
What do you mean by competitive advantage?
Competitive advantage is the conditions of any organisation where it is in the position to maintain and sustain a favorable market position when compared to the competitors.
It is ability to offer buyers something different and thereby providing more value for the money. It is the result of a successful strategy. This position gets translated into higher market share, higher profits when compared to those that are obtained by competitors operating in the same industry.
Competitive advantage may also be in the form of low cost relationship in the industry or being unique in the industry along dimensions that are widely valued by the customers in particular and the society at large.
