The GPS market is an example of how market leaders cannot sit on their laurels. If you had to ask someone who the leaders in the GPS field were six months ago, they would have mentioned Garmin and TomTom. However, a few months ago, Google entered the market offering free turn-by-turn navigation on their phones, followed by Nokia giving away navigation software for their phones. Have a look at Garmin’s 6 month stock graph and see if you can spot when that happened:
Regardless of which market you operate in, whether you are in the business of selling toasters or searching for the best auto insurance quote around, just because you’re the market leader, there’s no reason to suspend innovation. Everything can change from one day to the next.
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