Idea Generation ◾ 53
Looking to Alternative Industries
Companies not only compete with other firms in their own industry, but
also with companies offering alternative products and services. These prod-
ucts or services can have the same form and provide the same function
(e.g., snap-on wrench vs. an SK wrench regarding the hand tool market).
Companies also compete with firms that provide substitute products. These
are products or services that have a different form but provide the same
type of function (e.g., owning a motorcycle vs. a car; both provide the same
transportation function, but in a different manner). Finally, companies com-
pete with firms offering alternatives. These are products or services that
have different forms and differen ...