Final answer:
In Ohmae's 5 Cs, the competition factor refers to analyzing a company's competitors and their strategies. This helps businesses gain a competitive advantage by understanding the competition and making informed decisions.
Step-by-step explanation:
In Ohmae's 5 Cs, the competition factor refers to the analysis of a company's competitors and their strategies. It is a critical component of the framework that helps businesses gain a competitive advantage in the market.
Competitive analysis involves assessing factors such as pricing, product differentiation, target markets, distribution channels, and overall market share held by competitors. By understanding the competition, a business can make informed decisions to position itself favorably in the market and attract customers.
For example, if a car company identifies that its competitors are focusing on fuel efficiency and affordability, it may choose to differentiate itself by offering luxurious features and premium pricing to target a specific segment of customers.