It was considered completely obvious what a company would do if it had extra capacity: make more stuff and then sell it. “New products” meant mostly variations of what a company already made. “New growth” usually meant putting out more advertising to reach new audiences with existing products. The bases for competition were primarily price, quality, variety, and distribution. Barriers to entry were high, and if competitors did come on the scene, they entered and grew relatively slowly—by today’s standards.
