When a Competitor Changes the Market
The fifth reason for change is a change in the status of competitors. When a new competitor emerges in the market, a new wave is formed which brings in various sidelines. In this situation, you need to implement changes to avoid lagging behind. For example, when a competitor such as Tesla Motors, which produces electric and smart cars, emerged in the market, auto manufacturers who are leading in market research had to implement fundamental changes in different sections of their organizations and businesses so they could stay competitive.
This is necessary if they must maintain their relevance and keep their customers. Sometimes, the change may be imposed by old competitors. There is always a possibility that one of the competitors changes strategy and take over a huge share of your market. We have seen it many times when an old company has suddenly changed its strategy which has been used for years or launched a production line for new products with new target market.
To be competitive, you must adapt to the change and ensure you do something necessary and reasonable to keep your share of the market and retain your customers.