Essay on Analogy Case

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Analogy Case
Contribute to greatest scientific discoveries
Overcome the hard time

Problem
Source problem
A fundamental pitfall in reasoning by analogy is to form an association between a source and a target on the basis of superficial similarity, not deep causal traits
Anchoring and confirmation bias – adopting an analogy , decision will seek out evidence that analogy is legitimate, not evidence that it is invalid
Crucial or causal logic?

High volume discount – category killer

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Consumer electronic industry
Circuit City

5 Forces
Rivals: Mom and Pop stores, regionalized, not benefitting from economies of scale
Suppliers: big electronic producers, well-known
Buyers: general public mistrusting, concerned about quality
Substitutes: lower end, there are subs, but not for higher end
Threat of entry: low cost of entry for lower end of market, higher cost for higher end

What they did?
Invested a lot into making bigger stores
Economies of scale
Focused heavily on creating strong brand,
Incentive for salespeople
Heavy investment in scales tracking technology
Relatively low prices
Chain based efforts at building trust, have an easy return policy
Automated

What are the similarities/differences between the industries?
Features of used car industries:
Similarity: concern about a bad product Low barriers to end at least on low end of the market Low switching cost Expensive inventories, with potentially very high deprecation due to introduction of new technology After sales services

Difference:
Suppliers: anyone with an old car, wholesaler
Potentially broader audience for consumer electronic
Threat of substitute is potentially much stronger for used cars, dealership can also sell to
Higher amount of general inventory for used cars compared to electronic
Negotiated prices

Would solutions used by Circuit City also work in the Used Car Business? If not, how might they be tailored differently?
How tweak or change solution?
Not sure want to
Show More

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