Competitive advantage is the superior position that a company has gained over its competitors by offering greater value to the customer. This greater value can be achieved in two main ways: 1) By offering lower prices for equivalent benefits or 2) By providing more, unique benefits that justify the higher price.
Sustainable competitive advantage is the foundation of long-term success and must be difficult for competitors to imitate. It can stem from superior product quality, a better distribution network, innovative technologies, or a stronger brand. Identifying and capitalizing on this advantage is the essence of strategic marketing.
