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Just my thoughts #0752

An important aspect of understanding your business ecosystem is knowing your position within it (positioning), whether you hold a higher or lower (subordinate) role, and whether your offerings are substitutes or complements. Netflix started as a DVD rental service. With the rise of online streaming, Netflix saw it as a replacement for DVD rentals. Kimbap and Ramen are complementary goods, but Ramen and Udon are substitutes. This is why, even when setting up a snack bar, paying attention to the menu is crucial. Complementary goods increase sales, while substitutes are more likely to lead to no change or even a decline in sales. - Joseph’s “just my thoughts”
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Just my thoughts #0111

Human behavior and psychology are tricky and complex. If you ask someone who prefers short-term gains, “Would you like to get $1,000 now or $1,020 a year from now,” the person will choose the former. However, if you change the question, “Would you like to get $1,000 in 10 years or $1,020 in 11 years,” people will choose the latter. The taking of time and possessiveness are even under the same conditions, they make different choices. These two dominate the human personality.


- Joseph’s “just my thoughts”




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