Competitive Edge
 Key factors that give a company an advantage over its competitors in the  marketplace; frms with sustainable, above-average earnings growth that are  leaders in their industry are considered to have obtained an edge over the  competition.

Competitive Conditions Environments, conditions, and situations that make a business able to com- pete with other companies in the same sector or type of business.

Competitive Analysis
 Management’s study and assessment of those organizations that compete for  the same customers by identifying competitors and evaluating their respec- tive strengths and weaknesses.

Competitive Advantage
The results of strategies, actions, and decisions by management that gives a  company a better chance of making money than other companies competing  with it. Ofering consumers greater value, either by means of lower prices or  by providing greater benefts and service that justify higher prices.

Competition
 The frms, people, and organizations that seek the same customers or posi- tion in a marketplace; a rivalry between two or more participants in a given  space, market, or customer concentration.

Competencies
 Knowledge, skills, and attitudes that are required for job performance. The job was so specialized that it was difcult to fnd one person with all the  necessary competencies.

Compensation Plan or Package
A plan or contract in which employees are paid, either directly in the form  of money or by indirect such as stock options or deferred methods such as  bonuses or incentives for performance.

Compensation
Wages, salary, and rewards received for employee  contributions to the  enterprise.

Comparative Advantage
 The ability of one frm to engage in production at a lower opportunity cost  than another frm.

Company
 A business enterprise; a frm; a legal entity that has a separate legal identity  from its members and is ordinarily incorporated to undertake business.