Jihye Song, a Bain & Company partner, points out that the success of a business in the future competitive dynamics is determined not by whether the format of the business is on the upward trajectory, but by how innovative the model developed within that format is. She also advises that, in order to develop such an innovative model, it is essential to thoroughly understand customer needs and behaviors by breaking away from conducting simple one-off customer analyses, as it has been done until now.

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