Environmental changes and globalization of markets make an impact on intense competition in almost all business sectors. Evolutionary changes influence companies to learn, adequately react, adapt to environmental changes and to change themselves. Such a situation has revealed the problems of competitive advan­tage of industry companies. Therefore the focus to the factors impacting competitive advantage is seen as timely and relevant. The authors of the paper analyze approaches to competitive advantage and the factors impacting competitive advantage. The integrated model of competitive advantage is proposed in the paper.