The level of competition greatly influences a business's strategy. High competition can lead to a focus on differentiation and creating unique value propositions. It may also push a business to improve its efficiency, reduce costs, and innovate. On the other hand, low competition might allow a business to focus more on growth and market penetration. However, businesses must always be aware of the threat of new competitors and changes in the market.
Evaluate your position in the market and familiarize how you compare against competitors to do more...
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