What Is Competitive Advantage?
Competitive advantage is fundamentally comparative. Only through comparison can firms gain a better understanding of how well they are performing in the context of their respective markets. This activity uses a track and field race analogy to address the key concepts of competitive advantage, and it is important because competition is at the heart of business.
The goal of this exercise is to bring forward the main concepts that define competitive advantage.
Click the ► button to watch the video. Then, answer the questions that follow.
Sustainable competitive advantage means a firm outperforms its peers over a sustained period of time. Such superior performance is noticed by the peer group that attempts to identify the source of the performance and copy it. This concept is called “benchmarking.” Which of the following demonstrates a benchmarking process?
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