Competitive Strategy and Competitive Advantage

  Anyone who’s  started a business  (or is even thinking about starting one) has put some thought into their competition and how that impacts their chances of success. After all, you need to understand what you’re up against to make sure you have the resources and strategy to keep up. That’s where competitive advantage comes in   In this article, we’ll define competitive advantage and why it’s important, discuss some types of competitive advantage, and discuss how you can achieve it for your own business What Is Competitive Advantage? Before we dig into how you secure a competitive edge and what those strategies might look like, let’s define competitive advantage. Competitive advantage is a blanket term that describes proven approaches to beating out your competition. Interestingly, the theory of competitive advantage can apply virtually anywhere. For example, countries can use the theory to be economically competitive against other countries, and individuals can use...