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”
Companies that experience growth stagnation have a loss of customer-centricity. Customer-centricity doesn't mean giving in to every customer request. Still, it does mean putting the customer's perspective, rather than the company's leaders or organization, first when making important business decisions. - Joseph’s “just my thoughts”