What is the difference between threat of competition and threat of substitution? Could a competition be a substitute? And also if possible can you give me one example of both.
Competition is others doing the same stuff (think cell phones/mobile phones). Substitute is a change to the offering so e. g. landlines have been impacted by the use of cell phones, online shopping has impacted retailers.
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Competition is others doing the same stuff (think cell phones/mobile phones). Substitute is a change to the offering so e. g. landlines have been impacted by the use of cell phones, online shopping has impacted retailers.