MGTA05H3 Lecture Notes - Lecture 10: Handmade Jewelry, 3D Printing, Swot Analysis
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MGTA05H3 Full Course Notes
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Making the choice to achieve your goals in different methods, choices of how to reach goals. Higher level and longer term decision making or solving method. Competitive advantage anything that the company has that competitors do not. Differentiate your product adding new features, lower the price, have a new design: strategy in marketing. Making the product more efficiently and costs of production are lower, then you can outcompete the people who cannot produce efficiently: cost leadership, sells at the locate price. Target a specific segment of the market and dominate in the segment: eg. Lambo sells ,000 cars which only a small segment of the market is willing to do: focus model, usually with higher quality, hand-made jewelry, producing effectively. If there are only a few people who supply, if affects you as you should change suppliers: they have power over their consumers if there are only few amounts of supplier, prices can be negotiable.