What is Competitive Advantage?
Competitive advantage definition: competitive advantage is an element that allows one brand to perform better than its competitors.
A competitive advantage is most often driven by the consumer’s increased perception of value.
If a brand can offer better:
- Status symbols
They are seen to have a competitive advantage.
Depending on the target audience or industry, competitive advantage will be based on one of the following models:
- Comparative advantage: where products with the highest-quality or lowest prices win
- Differential advantage: where the customer is influenced by the benefits of a product
Marketers strive for a differential competitive advantage because it is emotionally-driven.
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Additional resources about Competitive Advantage
- What is a Competitive Advantage?
- 7 Strategies to Define your Competitive Advantage
- How To Develop Your Competitive Advantage