Let's start with your own answer! Please provide your thoughts and receive feedback on them first. This will help us generate a tailored proposed answer that builds on your initial input and our feedback.

A great answer to this question should include:
1. Clearly defining the market situation or challenge faced.
2. Describing the specific actions taken based on market understanding.
3. Highlighting the competitive advantage gained as a result.
4. Quantifying the impact of the competitive advantage.
5. Demonstrating strategic thinking and decision-making skills.
6. Emphasizing the role of market research or analysis in informing decisions.
7. Showing adaptability and agility in responding to market dynamics.
8. Concluding with key learnings or takeaways for future application.