Question

What is competitive advantage?

Answer 1

Competitive advantage is the attribute or feature that sets a company, product, or service apart from its competitors. It is the unique advantage that a business has over its rivals that enables it to perform better in the marketplace, generate higher profits and attract more customers. Competitive advantage can be achieved through various means such as product innovation, cost-effective production processes, superior quality, exceptional customer service, or a strong brand reputation. The ultimate goal of achieving a competitive advantage is to establish a strong position in the market, improve revenue streams, and build long-term success.