Strategic Management is all about gaining and maintaining competitive advantage, different organisations have different competitive advantage. Anything that firm does better than the competitors is called competitive advantage. For example a cash rich balance sheet at the time of recession may be a competitive advantage, or having a locational advantage , which competitors cannot have.
21st century business is polite war where each firm is fighting for the customers. So a firm can sustain a competitive advantage for a certain period due to rival firms imitating and undermining that advantage. thus it is not simply adequate to obtain competitive advantage. A firm must strive to achieve sustain competitive advantage by adapting to changed external conditions and enhancing internal capabilities continuously.
As the traditional business is losing space fast to E-Commerce, Can you suggest how they can sustain their advantage or it is a downhill journey. this is a strategic question