What Strategies Can Businesses Use to Mitigate the Impact of Substitutes?
There are several strategies businesses can employ to mitigate the impact of substitutes:
Product Differentiation: By offering unique features, superior quality, or better customer service, businesses can make their products stand out. Brand Loyalty: Building a strong brand can create a loyal customer base less likely to switch to substitutes. Cost Leadership: Being the low-cost provider can help a business retain customers even when substitutes are available. Innovation: Continuously improving products or services can keep a business ahead of substitutes.