IOE 422 W2010 Class 5

IOE 422 W2010 Class 5 - Class #5 Strategy, Elevator Pitch,...

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Winter 2010 Kurt Skifstad (skifstad@umich.edu) IOE 422 Entrepreneurship Class #5 Strategy, Elevator Pitch, Project #1 Kurt Skifstad skifstad@umich.edu Class 5 – 1
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Winter 2010 Kurt Skifstad (skifstad@umich.edu) IOE 422 Entrepreneurship Administrative Guest speaker this Thursday: Dwight Carlson Class 5 – 2
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Winter 2010 Kurt Skifstad (skifstad@umich.edu) IOE 422 Entrepreneurship Review The Business Model Core Competencies Competitive Advantage Personality Types Class 5 – 3
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Winter 2010 Kurt Skifstad (skifstad@umich.edu) IOE 422 Entrepreneurship Business Strategy Plan (roadmap) of actions taken to achieve the mission and goals Action-oriented Based on: Opportunity Strengths / competencies Context Dynamic! Answers: What? Why? When? Where? How? and Who? Class 5 – 4
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Winter 2010 Kurt Skifstad (skifstad@umich.edu) IOE 422 Entrepreneurship Strategy / Dynamic Marketplace Class 5 – 5 Build and Align: •capabilities •resources products Assess Competitors Adjust Strategic Plan Assess Market: Customer and Industry Competitive Marketplace Competitors Start Outcomes
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Winter 2010 Kurt Skifstad (skifstad@umich.edu) IOE 422 Entrepreneurship Six Questions for Creating a Dynamic Strategy Class 5 – 6 Why are we pursuing this objective? Vision •Mission Where will we be active? Customer •Market How will we achieve our objective? Innovation •Acquisitions When will we act and at what speed? Timing •Execution What will differentiate our product? Positioning •Customer response With whom will we compete and cooperate? •Competition •Alliances
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Winter 2010 Kurt Skifstad (skifstad@umich.edu) IOE 422 Entrepreneurship Developing a Strategy 1. Develop: Vision, Mission, Business Model 2. Define: Core Competencies, Customers, Comp. Adv. 3. Describe: Industry/Market, Context, Competitors 4. Perform: SWOT analysis 5. Identify: Key Factors 6. Formulate: Options 7. Decide! 8. Translate strategy into measurable actions plans and timelines Class 5 – 7
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Winter 2010 Kurt Skifstad (skifstad@umich.edu) IOE 422 Entrepreneurship Developing a Strategy 3. Describe: Industry/Market, Context, Competitors Class 5 – 8
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Winter 2010 Kurt Skifstad (skifstad@umich.edu) IOE 422 Entrepreneurship What is a Market “a specified category of potential buyers” (merriam-webster.com) Examples: American teenagers Tool and die manufacturers Smart phone owners who love yoga and have kids under the age of five Global 2000 corporations Class 4 – 9
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Winter 2010 Kurt Skifstad (skifstad@umich.edu) IOE 422 Entrepreneurship Market Analysis Name and describe the market Identify regulatory, political, legal issues that affect this market Describe the size, growth rate and (life cycle) stage of the market/industry Describe the profit potential (typical return on capital, etc) Describe the competitors, competitive landscape (competitive analysis) Class 5 – 10
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This note was uploaded on 04/05/2010 for the course IOE IOE 422 taught by Professor Skifstad during the Winter '10 term at University of Michigan.

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IOE 422 W2010 Class 5 - Class #5 Strategy, Elevator Pitch,...

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