What is the most common pitfall in competitive landscape mapping that leads to inaccurate strategic decisions?

The most common pitfall in competitive landscape mapping that leads to inaccurate strategic decisions is focusing solely on readily identifiable, *directcompetitors while neglecting the influence of indirect, emerging, or potential competitors. Competitive landscape mapping involves identifying and analyzing the strengths and weaknesses of current and potential competitors to inform strategic decision-making. A narrow focus on direct competitors—those offering similar products or services to the same customer segment—can create a false sense of security and blind the business to significant threats and opportunities. Indirect competitors may offer alternative solutions that satisfy the same customer need, even if they operate in seemingly different industries. Emerging competitors are new entrants to the market with innovative business models or technologies. Potential competitors are companies that could easily enter the market with minimal investment or adaptation. For example, a traditional taxi company that only focuses on other taxi companies in its competitive analysis might be blindsided by the rise of ride-sharing services like Uber and Lyft (indirect and emerging competitors). By failing to consider these broader competitive forces, the business may miss critical trends, underestimate the competitive pressure, and make strategic decisions that are ultimately ineffective. Accurate strategic decisions require a comprehensive view of the entire competitive landscape, including all types of competitors that could impact the business's market share and profitability.