Comm320_Section6-StrategyStagesofGrowth

Comm320_Section6-StrategyStagesofGrowth - Strategy and the...

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Strategy and the Small Firm / Stages of Growth Course Pack - Section 6
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Group activity Think about the business that you are working with. Identify an opportunity or a problem. Convert this opportunity or problem into a uestion, using the following format : what question, using the following format : In what ways might we . . . ? For example: In what ways might we sell books to professionals on the internet? 2
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Make the question more abstract. Original question: In what ways might we sell books to professionals on the Internet? Question at the next higher level: In what ways might we sell books on the Internet? uestion at the next higher level: what ways Question at the next higher level: In what ways might we sell things on the Internet? Question at the next higher level: In what ways might we sell things? Question at the next higher level: In what ways might we persuade and influence others? 3
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Strategy Consider two questions: What business should we be in? How do we compete in this business? Keys to a good strategy: It should be feasible and consistent with skills and resources of the business; It should provide a competitive advantage; There should be a “fit” between the business and the external environment. 4
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Competitive Advantage Common areas for small business: Experience and knowledge; Uniqueness of product / service; Better than average service; Good location; Low cost / competitive pricing; Quality and variety of products; Friendly atmosphere; Reputation; Unique approach to marketing. 5
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The Holy Trilogy of Success Successful he Firm’s dustry 6 New Venture The Firm’s Strategy The Behavioral Characteristics Of the Entrepreneur Industry Structure
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‘Where’ to compete? Typically a small business is most successful by following a focus strategy. Pinpoint a narrow market niche and focus the limited resources on this niche; This avoids direct competition with larger companies who find the niche too small (the business remains “under the radar” of the big 7 players); also, they do not have the economies of scale to compete on cost leadership. The risk in a focus strategy is the “all your eggs are in one basket”
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Comm320_Section6-StrategyStagesofGrowth - Strategy and the...

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