What’s the Definition of Your Business?
Discover how Amazon’s battle with Netflix is teaching us to rethink competition and question how business should be defined in this article from Stephen Wunker’s company blog.
For many years now we’ve seen the dangers of defining your business too narrowly. Think about Borders, which pioneered the book megastore model. Rather than using the Internet’s rise to consider how new technologies or business models could allow it to better satisfy customers’ jobs to be done, it defined itself as a bookseller. When times got tough, it doubled down on trying to sell more of the items its customers happened to be buying — books, CDs, and DVDs. It last turned a profit in 2006 before ultimately declaring bankruptcy and closing its doors in 2011. Online retailer Amazon now reigns supreme in the space.
Read the full article, How Amazon’s Battle with Netflix is Teaching us to Rethink Competition, on Medium.