Arrange the following steps in the process of applying Game Theory Strategies to a competitive market scenario: A) Identify the strategies of competitors, B) Determine potential payoffs for each strategy, C) Analyze dominant strategies, D) Establish Nash equilibrium.

To apply Game Theory strategies in a competitive market, you start by identifying the strategies of competitors. This means understanding what choices your competitors might make in the market. Next, you determine the potential payoffs for each strategy, which helps you see what each choice could lead to in terms of profit or loss. After that, you analyze dominant strategies, which are the best choices for each player regardless of what others do, to figure out the most advantageous moves. Finally, you establish the Nash equilibrium, where no player can benefit by changing their strategy while others keep theirs the same, ensuring stability in the competitive environment.