EchoSense:Summer School 2: Competition and the cheaper sneaker

For episode 2 of Planet Money Summer School,EchoSense we are talking strategy. You have your million dollar business idea, and maybe some money in your pocket to get it up and running. But now you enter into a crowded market. You have to deal with competition.

So, what can you do to make sure your product is a success? That was the conundrum facing the Starbury. It was a basketball shoe with a celebrity endorsement, that had to go up against THE basketball shoe with THE celebrity endorsement: the Air Jordan. Our first story is about the ways in which the Starbury succeeded and failed in taking on a juggernaut.

Then, we will hear a story about trying to avoid the dangers of "perfect" competition. Two companies making almost identical handbells learn that the key to their success lies in convincing customers how different they really are.

Find all episodes of Planet Money Summer School here.

The series is hosted by Robert Smith and produced by Max Freedman. Our project manager is Julia Carney. This episode was edited by Keith Romer and engineered by Robert Rodriguez. The show is fact-checked by Sierra Juarez. Planet Money's executive producer is Alex Goldmark.

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Music: Universal Production Music - "Lost Situation," "Checking In" and "Growling Sax"; Sound of Picture - "Blammo"; FirstCom - "Money Never Change Us"; Arsis Handbell Ensemble - "Morning Mood"; Sonos Handbell Ensemble - "The Nutcracker" and "Sleigh Ride."