Unlocking the Secrets of Cannibalization: Strategies to Navigate and Mitigate its Impact
No, in this context it’s not eating human flesh. Cannibalization is a term that pops up in business strategy, marketing, and retail. It’s used to describe how an organization might accidentally — or purposefully — compete with itself. Usually, it’s a bad thing. But it can also be a positive!
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Market cannibalization can be detrimental to businesses, but strategies like segmentation, product differentiation, innovation, pricing optimization, and clear communication can help prevent it.