Not only a serious understanding about your own competencies but also a very detailed understanding of competitor’s key strengths is necessary to build a robust strategy.

What has each competitor done in the recent past to change the playing field? Has anyone introduced a game changing product or technology? Is there a start-up on the verge of developing a product which can cause disruption to the industry? Has anyone made any innovation in their distribution channel? Similarly, have you introduced a new product or technology which has the potential to dramatically alter the competition landscape? Have you licensed a new technology from a start-up? Have you come up with a new “business design” that can help you align more with the customer priorities and needs?

Without a deep understanding about such questions, it will be difficult for a company to develop a robust and winning strategy.