The Meaning of Competitive Advantage

(a) What is the meaning of competitive advantage? How is it defined? (b) According to the external (or positioning) view of strategy, how do firms achieve and maintain competitive advantage? (c) According to the internal (or resource-based) view of strategy, how do firms achieve and maintain competitive advantage? (d) How does the dynamic view of competitive advantage contribute to our understanding of firms achieve industry leadership? (e) Why is innovation a crucial element in business strategy? (f) What role do strategy execution capabilities play in the attainment of competitive advantage?