Companies adopt several strategies to handle competitive pressure:
Research and Development: Investing in R&D to innovate and improve nanotechnologies is crucial. This includes hiring top talent and collaborating with academic institutions. Strategic Partnerships: Forming alliances with other firms, universities, and research institutions can lead to shared resources and accelerated innovation. Diversification: Expanding into new markets and applications can reduce dependence on a single product or sector, spreading risk and opportunities. Intellectual Property Management: Protecting innovations through patents and trademarks helps secure a competitive edge. Sustainability Initiatives: Focusing on sustainable practices and eco-friendly products can meet regulatory demands and attract environmentally conscious consumers.
