Michael Porter is a prolific author in the genre of American business strategies. Among the topics that he covers is the concept of substitutes.
Think about how Netflix killed Blockbuster – home delivery and streaming content with no need to go to a bricks and mortar location.
On the other hand, grocery and food delivery services have not made any significant dent in the restaurant industry. Why have restaurants survived the convenience revolution? Here are some reasons:
- Social Engagement
- Energy/Experience/Memory Creation
- Escape from routine and normal life
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