I'd like you to think about your company's competitors. You can probably name director competitors very quickly. I'd like you to look at substitutes and potential competitors that could enter the game, by satisfying customer needs with new technologies. For example, Apple's entry of the Ipod eliminating Walkmans. Amazon challenges to physical space retail.

Think about what benefits customers are buying. What can make your company obsolete without strategic changes for future success?

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To think about substitutes and potential competitors that could make your company obsolete its crucial to focus on the benefits customers seek rather than the products or services themselves By identi... View the full answer