High cost of switching to substitutes (IBM)

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Limited number of substitutes means that customers cannot easily switch to other products or services of similar price and still receive the same benefits. High switching costs positively affect IBM. … This statements will have a short-term positive impact on this entity, which adds to its value. "High cost of switching to substitutes (IBM)" is a difficult qualitative factor to defend, so competing institutions will have an easy time overcoming it.