When is a company's competitive advantage likely to endure over time?

Question

Which is more important in the success or failure of companies: strategizing or luck? Can anyone explain this one and give me an example, please? Thanks.

Answer 1

When they build up brand loyalty in their customers, so that even when their competitors catch up with them technologically etc, they still have an edge over the competition.

Answer 2

Maybe when it has patent protection over its main product so that competitors are excluded from the market.

Or when it maintains adequate research and development to stay one step ahead of competitrs.