What are the best ways to manage change in a highly competitive market?

Change shouldn't be done on set timelines or only when your back is against the wall. You should be constantly evaluating what is going on around you and adapting. Small changes in response to specific challenges or redirections will be easier to implement and more widely accepted. You're tying an effect to an immediate cause. Issues arise when you need to "overhaul" because you've let yourself get behind in changing and adapting and only done it when it's absolutely necessary.

I believe it's crucial to nurture a culture of agility and flexibility within the organization. In my opinion, being prepared to adapt the strategies and tactics rapidly in response to market changes is a key factor in maintaining a competitive edge.

The people are extremely crucial, which includes leaders. However, having the leaders prepared with the right mindset and skills can reduce the potential resistance down the road. Communicating and positive working environments is one aspect, but the focus leadership preparedness is often overlooked.

It's important to involve everyone with the change process as this allows everyone to have a voice and feel like they are not being dictated to by an out of touch hierarchy. At the end of the day, their reaction is perfectly valid and there's a chance you could be wrong. If there is a clear split on direction try to use facts and evidence to drive the decision.

In my experience investing resources (time, budget, people and energy) in the iterative feedback process really works. Figure out a disciplined, repeatable way of getting clear feedback from the most important stakeholder(s). Do not be afraid to iterate on that feedback tool/tools until it is good (even if it is never excellent). Then build decision-making hygiene into how often that feedback is used, how to interpret the feedback and invest in data literacy for those doing that work. Then iterate. Repeat. Repeat. Repeat.