Competitive Advantage

Competitive advantage is a business concept describing attributes that allows an organization to outperform its competitors. These attributes may include access to natural resources, such as high grade ores or inexpensive power, highly skilled personnel, geographic location, high entry barriers, etc. New technologies, such as robotics and information technology, can provide competitive advantage, whether as a part of the product itself, as an advantage to the making of the product, or as a competitive aid in the business process (for example, better identification and understanding of customers)... Michael Porter defined the two types of competitive advantage an organization can achieve relative to its rivals: lower cost or differentiation.

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