Explanation:

The higher competition in your industry, the harder it is to compete. When you enter a concentrated market, you should set a high bar otherwise you won't manage to keep pace with your rivals, especially with those who sell similar products. To build a successful business in such a competitive environment, you should thoroughly analyze your competitors' strengths, weaknesses, and advantages. Take into account possible threats as well. Research the needs, problems, and preferences of your potential clients to cope with this task. They can tell you directly what current products lack so that you could act accordingly.

With a thought-out competitive strategy, businesses make informed decisions and constantly improve their products and services.