Blockbuster vs Netflix
In previous decades, Blockbuster was on top of the video rental industry. However in recent years a new competitor by the name of Netflix changed the entire pace of the rental competition. Blockbuster in past years had its customers visiting its retail stores to make rental purchases. Also along with its earlier rental system, Blockbuster customers were charged extra for the length of time the rental was to be kept and were penalized for returning rentals late. When Netflix entered into the rental industry, it brought a new way of getting the merchandise to the customers in a quicker, more convenient way. Netflix used online streaming. With this option Netflix customers could instantly watch their favorite movies on their computers or gaming systems. In addition to the instant streaming to customers systems, Netflix provided its services for a monthly flat rate with no late fees and as many movies and television episodes you could watch. Blockbuster never stood a chance with all the new advances Netflix introduced. Market preference and technology changes are an imperative aspect of any company or industry. Big business tycoons and corporations should always prepare in advance for the predicting changes in market preference. However, because technology is always changing it should be no big surprise that businesses need to stay technologically updated in order to stay in competition with its competitors. It is extremely important for companies, corporations, and businesses to be able to react quickly to the changes in market preference since, as seen in Blockbuster’s situation, the businesses ability to react to such a change could make or break it in the long run. For instance, Blockbuster could have prepared in advance for new changes in technology since it had been in the industry for so long and could see the new technology coming in the new decade. They could have prepared to make rentals a more convenient part of its customers rental experience. I honestly