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Competitive advantage: what an edge?
Competitive advantage is a unique strength that a business possesses over its competitors. It allows the company to attract customers, capture market shares, and increase its operating power.
The competitive advantage appears in different company areas, such as costs, prices, or quality of products and services. If a business can produce its product at a lower cost than the industry average, that's a competitive advantage. If a company is known for its high-quality product, that's a competitive advantage.
Recognizing and leveraging competitive advantages is a sufficient way to accomplish success in the market.