Competition hybridisation refers to a process of combining or blending elements or traits from multiple sources in order to create a product or service that competes in multiple markets or industries. This term is commonly used in business and innovation contexts.
In the realm of business, competition hybridisation involves the integration of different business models, strategies, or technologies to give rise to a novel offering that can effectively compete and disrupt existing markets. This concept emphasizes the importance of innovation and cross-pollination of ideas to stay ahead in a rapidly changing and competitive business landscape.
Competition hybridisation can be observed in various industries, such as technology, where companies strive to create products that combine different functionalities from various sectors. For example, a smartphone that includes features normally found in cameras, gaming consoles, and computers would be considered a competition hybridisation.
The goal of competition hybridisation is not only to capture the attention of consumers but also to gain a competitive advantage by offering a unique value proposition that cannot easily be replicated by competitors. By blending elements from different domains, companies can differentiate themselves, enhance their market position, and potentially create new markets.
Overall, competition hybridisation represents a strategic approach that promotes innovation and diversification, allowing companies to adapt and thrive in dynamic markets by blending different elements to create a new and competitive offering.
