Determine the value of your potential advantage and whether it has the potential to be profitable or beneficial to your business.
A benefit that enables a business to outperform its competitors over time: Businesses today understand that having excellent human resources is just as important as having excellent products if they want to maintain their competitive advantage.
A well-known example of a company with a persistent competitive advantage is Walmart. Walmart is able to maintain a competitive advantage over its competitors thanks to its organization-specific tactics, which are well known for differentiating Walmart's performance from that of its competitors.
A corporation needs to have control over a group of resources that can be exploited and meet four key requirements in order to sustain a competitive advantage. These resources need to be irreplaceable, pricey, uncommon, imperfectly imitable, and non-substitutable.
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