In a recent Linkedin post, Rita McGrath writes about the shift in strategy from the companies seeking long-term competitive advantage to the idea that there is no long-term - competitive advantage is "transient" in a rapidly evolving marketplace. For long-term sustainability, companies must look to develop a portfolio of competitive products and services that can create an advantage.
Most companies operate in a competitive marketplace, meaning that they do not dominate.......but they have a presence and a flow of committed customers. Advantages can come in many flavors (this discussion for another time). You may not have the best features or the lowest prices, but customers choose to do business with you.
The takeaway: competitive advantage is in the eye of the customer. Your customers are evolving in every facet, and there is always some churn - customers may no longer need you, or changed to a competitor, or need features that you don't/can't offer, and so on. So the theme of "transient" is one to adopt as we push deeper into 2023.