As uncertainty is increasing and competition is becoming more fierce, executives need to have a broader understanding of competition itself in order to sustain an edge. Executives should be thinking about four different types of competition to maintain relevance in a changing environment, which originate from our work on competitiveness, strategy, and strategic change.
Stress Test Your Company’s Competitive Edge with These 4 Questions
How can you determine your competitive position in the market? In this piece, the authors offer four key questions to help you determine your relevance in a continuously evolving environment: First, ask yourself, “Does our offering meet and satisfy actual consumer needs?” Second, ask yourself, “Can customers supply their own solutions to the problem we’re trying to solve?” Third, ask yourself, “Do customers prefer our offerings over those of our competitors?” Finally, consider the extent to which your organization strives for excellence, sustaining its baseline advantage while seeking constant improvement. Understanding how you compare to others in your space is no simple task — but with the framework presented in this piece, you can start to get a sense for where you are today, and what you’ll need to do to stay relevant tomorrow.