Competition is the name of the game when it comes to business operations. You are operating on the idea that there is a need for your product, and if there isn’t, you create that need. Your idea may be new, but that doesn’t mean it’s one of a kind. In fact, when competitors see that you are doing well in your niche, they might just try to one-up your product. This is where competition goes full force.
Here are some real-life examples of how your company will deal with competition in its lifetime:
The race to release
When it comes to announcing a new product, you want to be the leader, not the follower. The loyalty of consumers sometimes rely on who announced a product first, although marketing also has a huge role to play in retaining those customers and keeping them interested. Take the case of Oreo, the ever-popular cream-filled cookie sandwich, which actually started as a dupe of the brand Hydrox. Today, Hydrox has fallen into oblivion, while Oreo is leading the field.
For brands like Vans, Converse, JanSport, and other established companies, there is a huge fanbase that loves the original design of their product. However, even these companies always have to innovate and find ways to update their offerings to fit their changing market. A customer who used to adore their product in the 90s may not be the same customer who is still buying their product in the 20s, which means brand loyalty is not as important as brand recall in this scenario.
To keep up with the new needs of their current market, they collaborate with other artists to update their products without losing the essence of their original branding. It’s also important to keep in touch with a practitioner in competition law in Hong Kong who knows about international laws, should the company operate in other territories.
Businesses are not just about creating a new product. They also require that you stay on top of trends and keep your changing market in mind.
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