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. Understanding of the competitive landscape
2. Identification of unique selling points
3. Focus on customer needs and preferences
4. Utilization of market research and data analysis
5. Innovation and continuous improvement strategies
6. Pricing and value proposition differentiation
7. Marketing and branding tactics
8. Collaboration with cross-functional teams for strategic alignment.