Every industry is subject to externally defined guidelines, whether they derive from laws, industry standards, or just best practices. Yet despite the assumption that all competitors are likely to respond to any event or situation in similar ways, numerous businesses are still able to enter and compete within the same industry, with different levels of success. For example, commodity insurance companies (such as those selling automobile or home insurance) essentially sell the same or similar types of products. Each of the companies is subject to the same industry-imposed rules (e.g., standardization of information exchange) and government-imposed rules (e.g., government-imposed fees, taxes, regulations).
But clearly, ...