Competitive advantage refers to any factors that allow an organization to differentiate its product or service from those of its competitors to increase market share. Managers use several standard competitive strategies to achieve competitive advantage.
In marketing Competitive advantage refers to an advantage over competitors gained by offering greater customer value, either by having lower prices or providing more benefits that justify higher prices.
Building profitable customer relationships and gaining competitive advantages requires deliveringmore value and satisfaction to target customers than competitors do. Customers will see competitive advantages as customer advantages, giving the company an edge over its competitors.
Competitive Advantage refers to any factors that allow an organization to differentiate its product or service from competitors to increase market share.