What is Competitive Advantage? (With Real-World Examples) | From A Business Professor

Competitive advantage is a key concept in strategic management that refers to the ability of a company to outperform its competitors in the marketplace. It is essentially what sets a company apart from its competitors and allows it to gain a foothold in the market. Generally, there are three main types of competitive advantages: Cost advantage, Differentiation advantage, and Network advantage. Let’s discuss them individually.