Competitors can be both current and potential rivals from "summary" of Competitive Strategy by Michael E. Porter
Competitors in the business landscape are not limited to just those companies that are currently vying for the same customers or market share. While it is vital to keep a close eye on existing rivals and their strategies, it is equally important to be mindful of potential competitors who may enter the market in the future. These potential rivals may include new startups, established companies from other industries looking to diversify, or even current competitors who are exploring new markets or developing new products. By recognizing that competitors can come from various sources and at any time, businesses can better prepare themselves for potential threats and challenges. This broader perspective allows companies to anticipate changes in the competitive landscape and adapt their strategies accordingly. It also encourages businesses to continuously innovate and improve their offerings to stay ahead of the curve and maintain a competitive advantage. Furthermore, being aware of potential rivals can help businesses identify new opportunities for growth and expansion. By studying the moves of other companies, businesses can gain insights into emerging trends, customer preferences, and market gaps that they can leverage to their advantage. This proactive approach to competition can fuel creativity and drive strategic decision-making that positions a company for long-term success.- The concept that competitors can be both current and potential rivals underscores the dynamic nature of competition in the business world. It emphasizes the need for companies to be vigilant, adaptable, and forward-thinking in order to thrive in a rapidly evolving marketplace. By keeping a keen eye on both existing and potential competitors, businesses can better navigate the complexities of competition and emerge stronger and more resilient in the face of change.
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