Competition

In its simplest form, competition can manifest in prices, products, marketing and technology. Companies of all sizes and shapes face constant pressure to differentiate from rivals and stay ahead of their respective markets. Because intangible assets are unique to each company, they can often play a crucial role in helping companies defend against competition. By combining intangible assets creatively, companies can invent new products, services or business models that set them apart even further. Healthy competition fosters also encourages excellence and spurs companies to push the boundaries of what is possible. For instance, Apple Inc. is renowned primarily for its technology, but its iconic brand reputation and loyal customer base also provide a significant competitive advantage of their own, allowing the company to command premium prices and maintain market leadership despite intense competition in the tech industry. The intangible asset of brand equity serves as a barrier to entry for competitors and enhances Apple’s resilience in the face of market challenges.