Business Strategy
Competitive advantage can be defined as the advantage gained or accrued by a firm or company over other firms in a competitive industry. This is done by offering customers a greater value of the purchased products and through several mechanisms (Rumelt, 2003). Such mechanisms may include low priced goods, high quality products, and after sale services that are superior to competitors. Competitive advantage may stem from several factors such as economies of scale, integration and non- integration and process based core competences (Peteraf, 1993). To further understand the concept of competitive advantage, several theories have been put forward for ...