Revisiting the concept of competitive advantage

Christos Sigalas · Victoria Pekka Economou

90 citations0/0 files storedJournal of strategy and management

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Management and Organizational Practices Business Strategies and Innovation Innovation and Knowledge Management

Abstract

Purpose Although competitive advantage is the cornerstone concept in strategic management it still remains a poorly defined and operationalized construct. The purpose of this paper is to revisit the concept of competitive advantage, to identify the problems that stem from its current conceptualization from the majority of the literature. Design/methodology/approach The paper undertakes an extensive literature review, audit of logical inference, syllogistic reasoning and Bayesian expressions in order to examine the problems associated with the current conceptualizations of competitive advantage. Findings Several drawbacks and fallacies relating to current conceptualizations of competitive advantage were identified that create an urgent need for a more robust definition which could better serve the needs of both empirical research and management practice. Research limitations/implications The authors by no means claim that the literature review undertaken in this paper on the concept of competitive advantage and on the problems derived from its conceptualization was exhaustive or absolute. Rather, this paper constitutes an attempt to stimulate efforts and provide directions on the further conceptual development of competitive advantage. Practical implications The findings allow practising managers to not necessarily associate competitive advantage with its sources and with the determinants of superior performance. Originality/value The findings contribute to the evolution of the strategic management field by identifying, categorizing and mapping potential problems, drawbacks and fallacies, associated with the conceptualization of competitive advantage as currently delineated in the literature, and by suggesting some criteria for the development of a conceptually more robust definition.

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References

1991Firm Resources and Sustained Competitive Advantage 2004Firm resources and sustained competitive advantage 1963The Structure of Scientific Revolutions 1997Dynamic capabilities and strategic management 1984A resource‐based view of the firm 1980Competitive Strategy: Techniques for Analyzing Industries and Competitors 2000Dynamic capabilities: what are they?1985Competitive Advantage: Creating and Sustaining Superior Performance

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2021Antecedents of strategic thinking and its impact on competitive advantage 2021Exploring the black box of competitive advantage – An integrated bibliometric and chronological literature review approach 2024Environmental, social, and governance (ESG) disclosure and firm value: the role of competitive advantage as a mediator 2018Empirical investigation of relationship patterns between competitive advantage and superior performance 2020How competitiveness factors propel SMEs to achieve competitive advantage?

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