Competitive Advantage refers to the unique qualities, strengths, or attributes that set a business, product, or service apart from its competitors and give it an edge in the market. It represents the factors that allow an entity to outperform its rivals, attract customers, and achieve sustainable success. A competitive advantage can arise from various aspects of a business, including its products, strategies, operations, and brand image.
Identifying, nurturing, and leveraging a competitive advantage is a critical aspect of strategic planning for businesses seeking long-term growth and success. It requires a deep understanding of the market, customer preferences, and the unique strengths that the business can capitalize on to outperform competitors.