From “Marketing 4.0: Moving from Traditional to Digital” P. 11

With the internet, physical logistical constraints no longer exist for smaller companies and brands.

This inclusivity now enables companies to enter industries that they would not otherwise have entered in the past. This provides opportunities for companies to grow but poses significant competitive threats. Because distinctions between industries are blurring, it will be highly challenging for companies to keep track of their competitors. Competitors in the future will come from the same industry as well as from other relevant and connected industries.
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To spot latent competitors, companies should start with customers’ objectives and consider potential alternatives that customers might accept to achieve their objectives.”