SOCSCI 2EN3 Lecture Notes - Lecture 2: Justin Trudeau, Inside Out Music, Customer Service
18 Oct 2016
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45% prior work experience: exploit their knowledge with their practical experience. Using internal and external analysis to evaluate an opportunity. Outside-in analysis: considers the impact of the external environment on growth and profitability of the business, comprised of the general and industry environment. Inside-out analysis: analyzes strengths and weaknesses of the venture to determine which opportunities in the external environment to pursue. Doing something different + must be sustainable those of the competition. Factors contributing to competitive advantage: unique service features, price/value, notable product attributes, customer service, accessibility. Cost-based strategy: compete by charging a lower price and still make a profit. Differentiation-based strategy: firm provides a product/service with unique attributes that are valued by consumers. Risk of spreading resources too thinly among several marketing efforts. But chooses to concentrate on reaching only one segment. Specialize and make better use of its limited resources. Restricting focus to a single market segment. Limiting sales to a single geographical region.
