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What approaches do company use to stay ahead of their competitors?

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What approaches do company use to stay ahead of their competitors?

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  1. Many and varied ..

    Product innovation (new models .. especially the Car and Consumer Electronics industry)

    Advertising & promotion (special offers etc)

    Pricing, especially discounts targeted at competitors offerings, and finance (eg. Car loans etc)

    Loyalty cards & similar

    etc

    etc


  2. In theory 3 main techniques:

    product differentiation - being able to charge more for better or different product; cost leadership - using economies of scale to drive down cost and win greater maket share and servicing niche areas - combination of first two but to a narrower market and becoming invaluable to that market.  
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