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Eliminating or reducing efforts in certain competitive factors means to stop or lessen the resources, time, and energy put into those aspects of your business that have been traditionally competitive in your industry. This is done to reallocate those resources to areas that are underserved and can provide a unique value proposition.
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It's important to understand which of these factors has the industry been competing on for a long time. Because those are the efforts you'd want to "eliminate" or "reduce". On the other hand, differentiate yourself in underserved areas. Allocate more resources to "raise" or "create" more values in these factors.
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