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Definition of competitive advantage: A firm has a competitive advantage when it earns a higher economic profit than its rivals in the same market. This is achieved by creating and delivering more economic value.• Value creation: Value creation is central to competitive advantage. It is defined as the difference between the perceived benefit (maximum willingness-to-pay) and the cost incurred in producing the product/service (hereafter, product).
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Bukky Akinsanmi Oyedeji (2026) studied this question.
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