Competition forces producers to continuously bring out new products or upgrade existing ones to outperform each other in their quest for attaining market leadership. Thus, they have to think one step ahead of themselves and two steps ahead of their rivals. By not doing this, they are just like sitting ducks, waiting to be attacked by the hunter (read competitor).
[The article has been written by Vatsal Sethi. He is presently pursuing Bachelor of Business Studies (BBS) from Delhi University and aspires to become an entrepreneur in future.]