Final answer:
Competitive advantages such as product differentiation allow companies to provide superior value by making their products unique in physical attributes, location, intangible aspects, and perception, leading to differentiated products.
Step-by-step explanation:
Competitive advantages that contribute to a company's ability to provide superior value can stem from various strategies. Product differentiation is one such strategy where a company attempts to make its products stand out from those of competitors through the physical aspects of the product, the location from where it is sold, intangible aspects, and the overall perceptions of the product. This unique positioning helps to create distinctive differentiated products, which are crucial to attracting and retaining customers by offering them something that competitors do not. Firms may also compete based on price, advertising, or other unique selling points, which are explored under market structures such as Perfect Competition, Monopoly, Monopolistic Competition, and Oligopoly.