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Corporate Strategy Sources of competitive advantage rarely yield added value that can be sustained over time The following essay is going to attempt to assess the above proposition and try to find if it is possible to add value continually over a period of time I will first discuss what competitive advantage is and what it means to a firm Then I will explain the sources of competitive advantage and how the distinctive capabilities of a firm allow it to sustain added value The discussion is based on a number of viewpoints from different authors who will be clearly indicated and acknowledged I begin with explaining what competitive advantage is So what is Competitive Advantage In a number of industries the average performance of the industry is usually no better than the average performance of industries as a whole However particular firms or groups of firms manage to do considerably better than average In this case the high performing firm or sub-group has something special and difficult to imitate to offer which allows it to outperform its rivals Porter 1985 refers to such special assets as the firms competitive advantage A firms competitive advantage are those characteristics that allow it to do well even in the face of mediocre industry wide performance and free entry into the industry as a whole The firm has certain capabilities which allow it to be different from the other firms in the industry It has certain distinctive capabilities which cannot be reproduced by competitors However it is not enough for that characteristic to be distinctive It is also necessary for it to be sustainable over a period of time As Oster 1994 points out The key success factors in an industry are those assets that allow a firm to outperform its rivals for a sustained period of time Competitive advantages are always relative For example Sainsburys has a very slight competitive
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