What is defined as a 'competitive advantage'?

A competitive advantage is an attribute that enables an organization to outperform its competitors. This could stem from a variety of factors such as a unique product or service, strong brand reputation, superior technology, or operational efficiencies that allow the company to deliver better value to its customers than its rivals. The essence of a competitive advantage lies in its capacity to sustain over time, providing a differentiator that is not easily replicated by competitors.

The other options, while relevant to business, do not specifically encapsulate the concept of competitive advantage. For instance, a marketing strategy or a financial strategy may contribute to an organization's success but do not in themselves guarantee an edge over competitors. Similarly, operational efficiency is important for the overall effectiveness of a business but is one element among many that can contribute to a competitive advantage rather than defining it.