BSM 100 Lecture Notes - Lecture 5: New Product Development, Swot Analysis, Competitive Intelligence

• School: Ryerson University
• Department: Business Essentials
• Course: BSM 100
• Professor: Ranjita Singh

Document Summary

Mission is important because it is the identity of the business. What do you want to do in years after (vision) To figure this out you must conduct a swot analysis. Channels your service or product will be available on (online, retail store?) As an organization, you must choose 2 or 3 that are relevant and focus on that. Most businesses don"t have the resources to target all key success factors. To be the preferred airline for business travellers. Employees are trained to speak the same language as business people. Who should you choose to talk about and generate news about your product (3rd party or directly?) Investing in expertise who can continuously upgrade and change. When thinking about direct competition, you have to think backwards from the product itself. Location wise they are not as available. Not that worried if brand and business is small. Some people cannot understand the bigger picture.