So You Think You Know Your Competitors? Think Again.

The pace of technological change has enabled corporations to enter new fields and shake up markets without the traditional method of mergers and acquisitions. Companies that think they know their competitors well may be surprised by new competitors entering the market. Corporations must stay on the forefront of technology, innovate, enter new markets, and collaborate with startups and other entities to maintain their status, and even reinvent themselves before new competitors arrive. Key tips include knowing your competition and customers, being innovative, looking toward the future, and investing in technologies.