When Bolt was younger, he trained against other great runners, comparing his training program and performance to theirs. Bolt competed in the 100-meter dash against a group of other runners to see which among them was the fastest.
What Is Competitive Advantage?
Competitive advantage is fundamentally comparative. Only through comparison can firms gain a better understanding of how well they are performing in the context of their respective markets. This activity uses a track and field race analogy to address the key concepts of competitive advantage, and it is important because competition is at the heart of business.
The goal of this exercise is to bring forward the main concepts that define competitive advantage.
Click the ► button to watch the video. Then, answer the questions that follow.
Sustainable competitive advantage means a firm outperforms its peers over a sustained period of time. Such superior performance is noticed by the peer group that attempts to identify the source of the performance and copy it. This concept is called “benchmarking.” Which of the following demonstrates a benchmarking process?
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Winning the 100-meter and 200-meter races in two Olympics will likely never be repeated.
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Sogelau Tuvalu switched from the shot put to the 100-meter dash.
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When Bolt was younger, he trained against other great runners, comparing his training program and performance to theirs.
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Bolt competed in the 100-meter dash against a group of other runners to see which among them was the fastest.
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Bolt’s naturally athletic gifts and hard training drove him to be the best.
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