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Hypercompetition

Hypercompetition is a term used to describe the rapidly changing and highly competitive market conditions that businesses face today. It is characterized by intense competition with shorter product life cycles, increased customer power, and the need for companies to constantly innovate to stay ahead of the match. Hypercompetition can also refer to the increasing rate of technological change and the need to adopt and deploy new technologies to remain competitive quickly. The implications of hyper competition are far-reaching and can affect both existing companies and new entrants, as well as their strategies, operations, and even the products they offer. Companies must be able to respond quickly to changing market conditions to stay ahead of the competition and remain profitable.

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