But despite the confidence, high passenger load factors $-$ reportedly at $90\%,$ a steadily growing customer network, and the extension of its Air Operator's Certificate, MYAirline clipped its wings this month, citing heavy financial pressures. For an airline that seemed to be doing well on the surface, here's what went on beneath to cause such a quick downfall. Too heavy a competition Although Malaysia has an overwhelming population of $33\mathrm{.}57$ million, the country's aviation industry indeed did not have sufficient room for another budget entrant, especially considering the prominent presence of AirAsia, FireFly, Malaysia Airlines, and Batik Air Malaysia. And even though MYAirline assumed AirAsia was weakened during the pandemic, the giant could and did fight back aggressively. As a Strategic Management student, what are THREE $(3)$ lessons learned from the article? Please relate each lesson to strategic management theories you studied in class.