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Even in fairly extreme cases – when a competitor may have a massive setback like a product-safety scandal, product fraud, massive service failures or loss of customer data – the response tends to be timid. This is not to suggest that the response should be to poke directly at a competitor by goading about their shortcomings. Rather, by applying the combined practices, understanding the impact on their economics and anticipating their ability to respond could mean now may be the time to go after prized key accounts or channel partners, launch an aggressive marketing campaign. or offer a bold service guarantee. Consider Apple’s recent launch of its “Switch” website, encouraging potential customers to move from Android devices to the iPhone 7.
The fourth step is to generate and evaluate alternatives, which are the different ways you can pursue your objectives and overcome your challenges. You can use tools such as brainstorming, scenario planning, or decision matrices to generate and compare various options and scenarios. You should consider the feasibility, suitability, and acceptability of each alternative, as well as the risks and trade-offs involved.
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