Summarize the following:
” Take advantage of barriers to enter into the market, using them to dissuade competitors from challenging your market share. In some cases, an established company’s ability to manipulate hurdles to enter and compete in its market becomes an effective tool against new competition, further entrenching the business and preserving its profit potential for the foreseeable future.  For example, you may own an Asian-themed restaurant located in a mall. This would provide an economic moat, since it is unlikely the mall would want to open multiple Asian-themed restaurants in the same area. This prevents new business from competing with you. To create the moat, you may be able to negotiate a site monopoly on your type of business if  you are located on a multi-business site like a mall or strip shopping center. Once you’ve gained a competitive advantage, your work is far from complete. To be successful, you will need to continuously maintain your competitive advantage, through pricing, product features, and marketing. For example, if you are in the technology space, you need to be continually designing new products that are faster, less expensive and have more functionality. After all, your competitors are not going to sit back and allow you to steal their market share. Sometimes you may need to take chances to keep ahead of the pack and differentiate your business, but with big risk often comes big reward. Just remember to do your research before diving head-first into new ideas. A good way to do this is to join a local professional association that offers speakers with expertise in your field and an annual conference. You will be able to get new ideas and see what others in your industry are doing. Look for updates on their websites, get on their mailing lists, and watch for new product announcements as well as changes in pricing. Ask for your customers' opinions frequently with online surveys and customer advisory boards. Your sales force should be updating you with feedback they hear from current and potential customers while on sales calls.
Create an “economic moat. Stay on the cutting edge. Predict future trends in your industry. Research and monitor your competitors constantly. Adapt to your customers' wants and needs.