In the real world there are always things other than price to compete on. Business school will tell you constantly that best quality is where you want to compete in almost all cases. Quality has many different options and so you can compete with something that is different from someone else by enough that if someone prefers your quality you are the only option.
>Business school will tell you constantly that best quality is where you want to compete in almost all cases.
Hmmmm, I don't remember it that way. I remember the constant take was to build a moat (typically based on intellectual property), then optimize net profit and/or network effects. Quality never really came up unless it is so bad as to cause lawsuits.
Yeah, it's the exact opposite: business school teaches you that you should avoid competing on price/quality at all costs and all the ways to avoid competition: network effects, platform effects, last-mile dynamics, predatory pricing, information asymmetry, etc.
Of course, right after teaching you how to exploit all the bad incentives created by capitalism they teach you that the government is to blame for all bad incentives because capitalism only makes good incentives.
lol, yes. In my case the "govt. is the cause of all bad incentives and just turbo-fucks the customers/markets with laws and regulations" came before all the tools that one might use to make profit. Also rent-seeking was lionized (eg. event ticket "middle-men" that purchased all the tickets and raised the prices) as fundamentally necessary to the markets along with strategies like when to use "dirty marketing" against opponents and of course there where the required ethics courses to round out the education.
Interestingly, the claim about competing on price was that it would just inevitably lead to everyone lowering their price to zero marginal cost, so you should find other ways to differentiate yourself or to use IP to sue others from not competing.
That’s the fun part of observing influencers.
Let’s say there is a dozen of them playing Minecraft, one could say they are in the same market competing with each other.
But what happens really is some folks like dude with long hair, others like the other guy that screams every time he wins.
Same with training videos, I bought course from a guy that is kind of monotonous and I don’t care but my GF cannot stand watching the guy for longer than 10 minutes.
Bakeries seem like closest one would be best, but somehow I’d rather go 10 mins further because I don’t like the feeling of the first one. Even though quality or price they don’t differ.
You sound like an engineer.
I don't mean it in a bad way. I do think engineers and business people should be in contention. But business people will sacrifice product (quality) for profit while engineers sacrifice profit for product.
Quality is often hard to define too. The business people have a harder time defining it as well since they understand at best as a user, but only if they are dog fooding (even engineers often don't!). They've developed strategies to make profit and still be relevant.