Universality: Exclusivity alone does not create value because value is not automatically generated by monopolizing something that isn’t worthwhile. For a monopoly to effectively build value, the monopoly object must be scarce and in limited supply. Conversely, universality also creates value. Scarcity relates to the concept of universality as a correspondence, and the value of universality is also affected by the limitations imposed by scarcity. Nothing has absolute value; all values are merely relative. - Joseph’s “just my thoughts”
Believing that customers and consumers are identical can be misleading. These two terms are fundamentally different. For instance, parents don’t purchase a diaper after trying it on themselves, and pet owners don’t eat pet food before buying it. When the buyer is distinct from the actual user of the product, it’s crucial for sellers to approach product strategy and purchasing considerations with this distinction in mind. Often, we engage in business without fully understanding the nature of the products involved, which can lead to failure. - Joseph’s “just my thoughts”