EXPLAIN THE CONCEPT OF COMPETITIVE ADVANTAGE

 A company's distinct advantages or strengths that enable it to outperform its rivals are
referred to as its competitive advantage. This benefit may stem from a number of things,
including brand familiarity, technology, cost, product quality, and resource accessibility.
Companies put a lot of effort into establishing and preserving this edge since it can result
in higher revenue, more clients, and greater profitability. To find and take advantage of
their competitive edge, firms must continuously evaluate both their internal and external
environments. A sustainable competitive advantage is especially beneficial since it offers
stability and profitability over the long run. Successful companies constantly modify their
strategy in order to preserve and improve their competitive advantage in dynamic
marketplaces.