It’s one thing to start a business or launch a product, another to earn market share and yet another to retain it. All three stages of operating a successful business require an in-depth understanding of the external marketplace and consumer trends, information that impacts a business’s ability to differentiate. Without this understanding the organization is at risk for the unexpected.
Well known examples of companies with a firm grasp on competitive strategy include the big five: Amazon, Apple, Facebook, Google and Microsoft. Each company undoubtedly has either outpaced legacy brands (Barnes and Noble, Macy’s, Best Buy to name a few) or acquired their competitors. By leveraging a superior understanding of the external environment these companies are experts at anticipating customer needs and creating disruptive platforms that businesses and consumers alike can’t survive without.