Abstract
The market environment is characterized by keen competition, an oversupply of goods, rapidly shifting tastes and a high rate of product innovation ad obsolescence. The long term profitability or the very survival of a company depends on new products and on commitments to continuous product innovation. Firms are seeking differential advantage and their actions continue to segment large market into smaller sub-segments. There is often a back and forth action between market reconsolidation based on innovation and fragmentation based on competition.
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