According to the resource-based view, to develop a competitive advantage, the firm must have resources and capabilities that are superior to those of its competitors. Without this superiority, the competitors simply could replicate what the firm was doing and any advantage quickly would disappear.
Your competitive advantage is what sets your business apart from your competition. It highlights the benefits a customer receives when they do business with you. It could be your products, service, reputation, or even your location. Resources are firm-specific assets useful for creating a cost or differentiation advantage that few competitors can acquire easily.
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