50- Why we compete in arenas, not industries

Competitor research is important. It helps us learn about our competitors so we can make better decisions. Decisions that lead to more value created for our customers and our organization.

However, when we think about our competitors, we are all making a fundamental logical mistake. We mistake our direct competitors with our only competitors.

For example, BMW is not competing just with Mercedes-Benz, Volkswagen, Tesla, Ford, etc. It’s also competing with airlines, railway companies, and soon even with Hyperloop providers.

In this Mini MBA episode, Franz (program director at d.MBA) and Alen sit down to talk about the concept of Competitive Arenas and how designers can use it in their work.