Question

What do you think is the difference between a strength, a competitive advantage, and a sustainable competitive advantage?

Answer 1

Strength: The strength of the business is essentially what a business does best. Strengths are the key holding factors that determinethe best what an organization can do. It is ability of a company to perform better and more efficiently than the others.

Competitive Advantage:Competitive advantages are conditions that allow a business to produce a good or service of equal value at a lower price or in a more desirable fashion. These conditions allow the productive entity to generate more sales or superior margins compared to its market rivals. Competitive advantages are attributed to a variety of factors including cost structure, branding, the quality of product offerings, the distribution network, intellectual property and customer service.

Sustainable Competitive Advantage:Sustainable competitive advantages are business assets, attributes, or abilities that are difficult to duplicate or exceed; and provide a superior or favorable long-term position over competitors. When the businessescan maintain competitive advantage for many years they are said to have sustainable competitiveadvantage.