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Yes, there are several examples of companies that have successfully identified and dealt with the threat of substitute products. One such example is the Coca-Cola Company. When faced with the threat of substitute products like healthier beverages and bottled water, Coca-Cola diversified its product portfolio to include these substitutes, thereby reducing the threat. Another example is Microsoft, which faced a threat from open-source software like Linux. Microsoft responded by developing its own open-source platforms and integrating them with its existing products.
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Substitutes to an industry's products can be identified by looking for other products that perform the same function, not necessarily from the same industry. The highest risk comes from substitute products that have higher price-performance tradeoff than the industry's products or those produced by highly profitable industries.
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How do you out-perform competitors and acquire a better understanding of key profitability drivers in your industry? This book, by the legendary Micha...
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Evaluate your position in the market and familiarize how you compare against competitors to do more of the right things. Use this Competitive Landscape Analysis presentation to hone in on the most important objectives and create effective strategies.
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