What business development strategies could be most appropriate to pursue by a firm when it is facing a highly competitive market?

Of course I can't give you best answer because of short details about your industry and your competitors But there are a common factors must consider - making some analysis of your current situation and competitors Use tools like PESTEL, porter five forces and SWOT Determine the weak points and strength points in your organization Then develop a corrective proactive action plan Communicate with your staff and implement the new strategy Then reevaluate it if needed

The firm needs to adapt to an AGILE methodology of working wherein whenever it identifies a customer's product, it initiates the development of the same, however keeps getting in touch with its consumer base to ensure the end-product introduced is exactly what the customer desires. The AGILE methodology allows a business to be flexible to changes suggested by clients in between developing the product as the customer requirements keep changing with the dynamic market trends.