Several children were given the following hypothetical business scenario: Company 1 manufactures a popular dinosaur puppet. Company 2 manufactures a larger dinosaur puppet that makes a roaring sound and costs less. How should Company 1 compete with Company 2?
Below are the responses of the young board of advisors. Take note, you might uncover a good business strategy.
- "Maybe you should add stuff like three more legs-no, five more legs-and six heads and antennae. Then you could sell them as something really different, like 'alien dino puppets.' I think many people would come back to buy them." -Alyssa, 8
- "Maybe put TWO T-Rexes in a pack, and when you rub their tummies, they would roar AND they would fight. Maybe they would watch FOUR T-Rexes fighting. I think you could sell a lot that way." -Aaron, 6
- "If you copy somebody, you have to ask permission. Did they get permission to copy your store? No, they did not. So call the police immediately." -Audrey, 8
- "If they make a bigger T-Rex, you should make a smaller one and talk about the benefits, like, it would fit in your pocket." -Nathaniel, 10
- "Make all of our puppets have sound effects. Then lower our price to match their price. Don't go lower, though, because then they'll go lower and we'll go lower and then they'll go lower and we'll go lower and then . . . the dinos will be free." -Dylan, 9