"The Battle for Survival: How Competitive Destruction is Reshaping Companies"
Warren Buffett's lifelong business associate and Berkshire Hathaway vice chairman Charlie Munger have spoken widely about the idea of competitive destruction and how it affects companies. Munger thinks that in the corporate world, competitive destruction is a normal and unavoidable process. He frequently asserts that companies that are unable to innovate and adapt in the face of competition are doomed to failure. Munger contends that companies should focus on creating a solid and long-lasting competitive edge is the key to overcoming competitive annihilation. So, what exactly is competitive disruption? The term "competitive destruction" describes the phenomena of businesses being impacted by fierce market competition, which may ultimately result in their dissolution or decline. Companies have experienced competitive annihilation in several situations in India, including some of the following: Nokia used to be the market leader in India for mobile phones. The co...