In order for a company to achieve a sustainable competitive advantage, it must perform value chain activities:

at the same quality level as competitors, at the same cost.

at the same quality level as competitors, but at a lower cost.

at a higher quality level than competitors, at a higher cost.

at a higher quality level than competitors, but at no greater cost.

at either the same quality level as competitors, but at a lower cost, or at a higher quality level than competitors, but at no greater cost.