Question

In a hypercompetitive industry, firms: Group of answer choices have to get used to longer product life cycles. have to be more careful and not take any risks to jeopardize their products. must be willing to cannibalize their own products. benefit from lower levels of competitivity intensity.

Answer 1

In a hypercompetitive industry, firms : must be willing to cannibalize their own products.

What is Hypercompetitive Industry ?

Many companies that are in this hyper competitive industry would use the strategies that are adopted by the successful market leaders. However, the things that have worked for others may not work for you.

Therefore, it becomes difficult to maintain the competitive advantage. You can stay competitive in this hyper competitive industry by keeping yourself up-to-date with the changing environmental trends and should be able to take risks.

Companies should cannibalize their products to sustain competitive advantage. In addition to this, it is important for the companies to stay on par with the latest trends and embrace them with the ever changing conditions.

Therefore, we can conclude that the correct option In a hypercompetitive industry, firms : must be willing to cannibalize their own products.

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