A cost or efficiency advantage
You can do the same thing for meaningfully less than a rival — through scale, a proprietary process, or access to an input others don't have. This is durable when a competitor would need years, not months, to close the gap.
What this looks like
A telecom operator that built its own fibre network end to end can price below rivals for years and still turn a profit, because its underlying cost structure is genuinely lower, not just discounted.
