High switching costs: There exist multiple substitute products e.g. for contacting people, usage of social media, emails and VOIP systems are substitutes, digital cameras for photography, TV/radio/iPod for listening music, tablets for internet browsing, reading books, emailing etc. But potentially all the value from substitute products could be derived from a single smartphone, needless to say each substitute product might cost more than the mobile phone and need to be carried all the time.
High switching costs: There exist multiple substitute products e.g. for contacting people, usage of social media, emails and VOIP systems are substitutes, digital cameras for photography, TV/radio/iPod for listening music, tablets for internet browsing, reading books, emailing etc. But potentially all the value from substitute products could be derived from a single smartphone, needless to say each substitute product might cost more than the mobile phone and need to be carried all the time.
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