What term describes something a business does well that offers it a competitive advantage?

The term that describes something a business does well, providing it with a competitive advantage, is known as a strength. Strengths are aspects of a business that enable it to outperform competitors and can include various factors such as skilled personnel, strong brand reputation, proprietary technology, or effective processes. Recognizing strengths is crucial for businesses as they can leverage these advantages to enhance their market position and achieve better results.

In contrast, weaknesses refer to areas where the business lacks efficiency or capability, opportunities are external factors that a business could exploit to its advantage, and threats are external challenges that could harm the business's performance. Understanding these different elements allows businesses to develop strategies that capitalize on their strengths while addressing weaknesses and navigating opportunities and threats effectively.