Final answer:
The measures of a firm's performance essential to its competitive advantage and advancement are called key performance indicators (KPIs).
Step-by-step explanation:
The measures of those aspects of a firm's performance that are essential to its competitive advantage and, therefore, to its advancement are called key performance indicators (KPIs). KPIs are metrics used to evaluate how well a firm is achieving its business objectives and can vary depending on the industry and goals of the company.
For example, in the technology industry, KPIs may include metrics such as market share, customer satisfaction, and innovation rate. In the retail industry, KPIs may include metrics such as sales growth, customer retention, and inventory turnover. By tracking and analyzing KPIs, firms can assess their performance, identify areas for improvement, and make strategic decisions to maintain or enhance their competitive advantage.