AGEC 242 Lecture Notes - Justin Bieber, Competitive Advantage, Business Plan
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- Competitive advantage:
- - Business plan: begins with description of what idea is. Then description of what competitive advantage is going
o Can be simple: can be the only bakery within 5 blocks where people live, convenience
o Customer preference
o If need to hire certain people, why? How do they benefit? Do they give competitive adv?
- How are you going to communicate? How to have customers sample?
- How to convince customer? Personal presentation discuss with customer.
- Unheard of that a business has competitive advantage forever
- Have to outline what each partner will be doing the work you think you’re doing, double it!
- People go where businesses are. They live there
- Why does American gov allow very inexpensive tomatoes come into US
o Everything that goes on benefits some people and costs someone else
- Interest rates very low saver and have money…you’re getting nothing for that money
o Inflation, taxation, it’s minus because costing you money to keep money in bank
- Borrowing money is a sale if have idea to do something with that money, then they do it
o The credit card debts are through the roof because interest rate is so small
o When interest rates low, have no problem with finding someone who wants money
o Low price gives you strong competitive advantage
- So who benefits from really cheap tomatoes coming into US?
o Vendors: supermarket can increase the price that they sell it for
o Consumer: relatively
- Anybody who can create music, book, story…can have a brand name
- What distinguishes him from all the other people
o Good agents
o Media coverage but this is only when he kicks off, then it perpetuates
o Backstory had passion for music, didn’t have famous mom and dad
Chapt 5, sports agents business
- Cultivate young athletes before they become famous
- Like educational system that walks people through being doctor
- How do athletes become professionals and even celebrities?
- Maybe experience of the agents.
- Need communication and comfort
- Personnel and management
- Young girl with clothing store in new york
- Was making hair pieces for theatre not like a hat, puts something extra
- Appeals to a lot of women. Distribution was facilitated through the internet