Canadian RMT Fall 2016 Canadian RMT Fall 2016 - Page 10

Increased Success by Inviting Competition By Mark Volkmann Question: When is competition a good thing? Answer: When it results in everyone getting more than if no competition exists. W ondering how this applies to you? When you’re shopping for a new set of kitchen knives online do you to each manufacturer’s website one at a time? When you’re looking for a new place to eat do you look at one restaurant website at a time to help to decide. Probably not. You, like millions of others, recognize the value of having a single place to go to do that makes finding what you’re looking for easy. You are looking for: 1. A large selection of products or services in one place. 2. An easy way to filter results down to just the ones that matter to you. 3. Candid customer reviews that help you validate the quality of the product or service With this information, you can quickly and easily make an informed purchasing decision. Great for consumers, but does this benefit the business who participates in a marketplace like this? It most definitely does not. Platforms like Amazon, AirBnB, Expedia and OpenTable have shown that these types of marketplaces crea H[X^[›ܝ[]Y\܈H\[\\\X\]H[[KB[X]X[ܙX\H[^\H]S\[\\[H\LB^YY[Hۜ^HH][[ܙH\]]ܜ˂ݚY[\Y\]HܙX]][ۈ܈Z\؛[HܙX]\H[X]X[ܙX\H[^\H[[\܂\X\][\[\\ H]\XH[˂\H][ۈ^\܈X\YH\\\]\ˈB\\[\\ܛ[]ܛH܈X\YH[H[]Y]\ [X[H[XY[[YJH\X\YPB\XܞHو[\[[ٙ\[ۘ[X\YH\\\[Z\XX\˂ݙ\HZ[[ۈ\[Y[]HY[YYX\YP\YX\[XYH[]HXX\]ۂ\][ۋ[\[[X\YHXX\[[H]HH^H\]B[HX\][[Y\\[Y]و[\\[\HZ[ HHZ[]\\Y[H\]]ܜ[[Y][HZ[\وH\\][ۈ܈[\[[X\YHXX\ˈۜY\[[[\Y\[Z[BX\]XH][Y]]\H[\[[X\YH\\\ X\X[\H YX\]\[وX\YH\\Yۈ[[[\[[X\YHٙ\[ۘ[XYY[B\YH[[ܛH]H[H]\\\[ۈ܈BX\وHX\YHٙ\[ۈܝ\\H[\قX\YP˂[YX[]X]\LX\˚[ L ML L B