What is meant by “Competitive Advantage” for a business entity?

Competitive advantage occurs when an organization acquires or develops an attribute or combination of attributes that allows it to outperform its competitors. These attributes can include access to natural resources, such as high grade ores or inexpensive power, or access to highly trained and skilled personnel human resources. New technologies such as robotics and information technology can provide competitive advantage, whether as a part of the product itself, as an advantage to the making of the product, or as a competitive aid in the business process (for example, better identification and understanding of customers).

Well competitive advantage maybe that it terms of pricing ( wherein due to a lower price, a customer can save more or buy more quantity if the product) ... Or in terms of product ( quality, value additions, uniqueness etc and in modern context even branding where in the customer maybe receptive and forgiving). Now these advantages obviously depend upon easy access to resources ( land, labour, capital ) , processes( efficient planned use of these resources) and vendor/wholesaler. Linkages. Eg.

Agreed to Mr. VJ