A lot of companies face problems from time to time. Let’s focus on problems that are controllable, i.e., outside of those to do with a declining economy, financial meltdowns, etc. In such situations, many business leaders have had to address shareholder concerns. And many of them justify the situation as ‘witnessing fierce competition’, or something to that effect.
Truth is, the reason is never competition. It often means that the company and its employees are just further away than usual at that point, in knowing their customer needs. And therefore, further away from offering them something relevant.
Competition or its fierceness, is just an incidental side-effect of it.