SOCSCI 2EN3 Lecture Notes - Lecture 2: Bargaining Power, Business Ethics, Organizational Culture
19 Sep 2016
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Chapter 2- start up and the need for competitive advantage. Considers the impact of the external environment on growth and profitability of the business. Compromised of the general and industry environment. Analyzes strengths and weaknesses of the venture to determine which opportunities in the external environment to pursue. Using internal and external analysis to evaluate and opportunity. General environment= political/legal, technological, global, sociocultural, economic, demographic (pest) Value-creating organizational capabilities that are unique to a firm. Integration of resources deployed together to the firm"s advantage. Competitive advantage (product is better than the competition how market sees you as better than the competitors) Firm"s product or service is seen by the target market as better than those of the competition. Compete by charging a lower price and still make a profit. Firm provides a product or service with unique attributes that are valued by consumers.
