10. Innovate to Dominate
Companies whose products are dominant in the market do not necessarily stay dominant. In fact, it is all too common for the dominant player to experience the full negative aspects of the innovation life cycle. As their products commoditize, the companies need to innovate in order to maintain or grow their positions and/or shift to a different market.
Markets and Commoditization
A product is said to be a commodity when, although there is a demand for the product, any differentiation between different versions of the product from different manufacturers have largely vanished. This type of definition works great when we are discussing a simple product, such as milk or lead. But, for more complex products and markets, commoditization ...
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