BUSI 1600 Lecture Notes - Lecture 6: Competitive Advantage
22 Feb 2017
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Document Summary
Main reason for analyzing the market, industry & competitors is to enable business to develop competitive advantages. Next reason is to design ways to tell your customers about the business. All lead to a better chance of a successful start-up. Good models & plans reveal/explain your competitive advantage/usp/value proposition/uvp and then go on to markets etc. Potential competitive advantages include: lowest price, new product/service, better service. Competitive advantage is one of the more powerful ideas in business: usually based on resources. 6 types of resources: physical, reputational, organizational, financial, intellectual/human, technological. Two critical pieces of work: research. Establishing the market structure and demand: strategy. Developing plans to position, price, promote, and place. The 7 p"s if it"s a service you add people, physical evidence, processes. Usually have little info to go on. Data collection thoroughness usually depends on financial means: cost, complexity, perception of value. Lots of innovative ways to do the research.
