Netflix initially started as a DVD rental service and grew, but it soon encountered a crisis with video streaming technology. Nevertheless, it wasn’t feasible to abruptly abandon the existing business and transition to a digital distribution model, highlighting the significant conflict involved! Video streaming technology is not a complementary service to DVD rental; rather, it serves as an alternative. When expanding or improving a business, it’s crucial to clearly understand the defining attributes of the target product or service. Burgers and french fries complement each other, while burgers and chicken sandwiches are substitutes. - Joseph’s “just my thoughts”
As every person has a platform on social media, companies aim to allow customers to engage with their products or services. Offering experiential opportunities has gained significance; however, just because customers have experiences doesn’t mean they will share them. A crucial aspect is whether that experience becomes a lasting memory. It’s important to recognize that experience and memory are distinct concepts, and one must consider how to convert an experience into a meaningful memory. Essentially, experiences become memories when customers can fully express themselves during those moments. - Joseph’s “just my thoughts”