STRATEGIES TO UNDERSTAND NEW FACE OF COMPETITION:

1. It is going to be cross industry competition.

 Aviation and hotel industry are facing competition from digital connectivity
through Microsoft Teams, WebEx, Zoom, FaceTime, Cisco.
 Apart from Covid times, overall need to travel and stay has come down.
2. It is not only important to find out who is your competitor today, but who is your
competitor tomorrow.
3. It is customer centric, not competitor centric.
4. It is technology driven.
5. It is changing the definition of business.
 E.g.: Ola, Uber are not just transportation companies. But they are defined as
mobility companies, and Ola is setting up largest electric scooter manufacturing
company in Bangalore.
6. It also thrives and develops on the principle of creativity.
 New product, new ideas.
7. Disruptive business models and new streams of revenue.
8. Shrinking product and service life cycle.
9. It revolves around speed to market, speed to collaborate.
10. Sustainability is a new challenge and words like long, medium and short term have
changed.
11. There’s a less response time to recover from failures.
12. You are your own competitor.
 It is also called as “destroy and re-create strategy”.
 Amazon started its journey by selling books online, and then came out with a
new product called “Kindle”, which is like buying library online and no need to
purchase the book.
 Every product, brand and/or company has a life span, and unless you decide to
destroy your outdated product, and bring new product at that stage, somebody
else will do that.