Global car industry divides into who leads and the rest follow, it is very obvious if you observe the industry for the last few years. The one who surprised everyone is not the one in the industry, but when he entered as an electric vehicle (EV) car producer. Be the first moving pioneer and anchor the perception in the market. The global car market has changed since then, and more favor EV rather than fossil fuel petrol engine cars. EV market will become bigger and largest, and accelerated to be so, as you can see whole world perception for the environment green initiative and movement, this is inline and solve one of the green environment matters for everyone in the planet.
This is why we saw the stock market price reflect extreme positives to this over the actual market share and revenue for short term, but favor it in long term. Since the first mover advantage has been tapped and occupied, what else can the rest of the players do? invent another market or just follow the challenger in the market instead? Obviously what we can see is followers move for the rest of the players.
Most likely what in the follower mind will be to possess a long history of global market and confidence to overtake the lead in the near future. Market is always operating in the dynamic, for those first mover, unless they stop, and have challengers to catch up, else we for sure it is a moving target for the rest of challengers to benchmark with.
The same principle is applicable to others sectors and industries, while existing within the sector and industry player do not act, proactive cross the sector and industry visionary player take the opportunity to cross over or invent something really new, it can be new product, new process and new way customer can use the product or whatever, and they are transforming the existing market where they have the edge over the other players. This requires the business mindset of the top management who knows where the future is going, where they are and how he wants to mobilize resources to get there, while at the same time considering the market and competition dynamics.
Key questions to ask, are your company knowing where the future your company wants to go? Are you making the time to make sure the company is moving toward the future and road map your set? Some companies just take their market position for too long, they forget the market and competition is always dynamic in nature, and new technology always brings in new ways to provide better products, services and processes to get things done. This is why we saw point and shoot cameras, DSLR, mirrorless cameras all shrink as smartphones continue to innovate and provide better quality photo and video all in one smart and pocket size, easy to carry with them all the time.
Like it or not, change is the key topic and theme for every business to adapt with. Some companies are just in the market for too long, people inside are resistant to the change, and the outcome for it is always market forces shape the future, and for those who do not and want to change, as we can see in the history what happens, it matters for how soon.
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