Competition is one of the vehicles markets renew and refresh themselves. We have all come to learn about the need to innovate as without innovation, it would be hard to compete. Innovation improves productivity even when (usually) reducing the cost of the products and services. That happens because innovation engineers a new level of competition which means a new trajectory to achieve the purpose of reducing market frictions – the very essence why companies exist. When you innovate, you transform your business and your market.
There are fundamental constructs which define companies that run and then TRANSFORM their sectors. The reality is that succeeding as a business requires reinvention as customers needs evolve with time. Companies that transform are good at staying ahead of customer needs and perceptions: no matter what comes, they tend to be ready.
But transformation can also come via many ways and many firms have invented ways to transform. I have liked how Intuit has become a category-king company in its sector. For decades, the U.S. company continues to swallow competitors without buying them. I have called its model: Fish Bait Acquisition Construct. It is a model where you give things free to competitors. As they come to enjoy the freebies, you trap them, and over time, they become weak. The end game is that over time, they beg you to take over their assets.
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