When Chevy drew inspiration from Tesla to develop its electric vehicle, the Bolt, it was an example of using competitive product ideas for new product-ideas.
- Competitive items are those that your target market may prefer to yours over. How close a competing product's features and solutions are to your own can help you spot it. Competitive goods may consist of: things that are tangible, like clothing and toys.
- A product idea is a design or strategy for a brand-new good that a business can create and sell in a specific market. It describes the item's function, features, and certain important design components. A manufacturer will employ the final design to construct the product, therefore many product concepts will include mechanical or engineering components.
- A competitive strategy is a long-term marketing plan created by businesses to protect their position in the market and obtain a competitive edge.
Thus this is the answer.
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