This paper uses a dynamic systems perspective to establish a causal model of how organizations can achieve and maintain competitive advantage in highly competitive situations where unique resources do not exist.  The study is grounded in the resource based theory of the firm, and the model is developed from research surrounding this theory and from an extensive fifteen month in-depth examination of an organization in this type of market.  Results suggest that keys to achieving a competitive advantage in this situation arise from the ability to establish a strong competitive culture, detailed execution of organizational processes, rapid assimilation of high caliber talent into the organization, and establishment of a constant sense of urgency in preparation and execution of plans. This is expressed as an integrated theory of competitive behavior in a causal model that illustrates the complex feedback nature of organizations in highly competitive, high turnover situations.