In businesses of more of less standardized products or services (mature industries, core mass-market products, low value-added services, etc.), competitive factors are simple: market share, and scale effects (more or less decisive depending on the business); technology, location and factor costs. Costs are structurally lower for leaders than for followers. Prices are similar or the same for all players. Margins are structurally higher for leaders. In the long term, the industry will concentrate. 

In businesses of strongly differentiated products or services, the nature of competition is more complex (luxury goods, professional services, high value-added financial services, high technology, cutting-edge health, specialty foods and ingredients, audiovisual production, etc.). 

How to manage such businesses?

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