The Business Plan: Strategy - For Entrepreneurs

The Business Plan: Strategy Mohammad Tawfik

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The Business Plan:

Strategy



Strategic plan



Generic strategies



Unique product





Low Cost Products





Focused product



Competitive advantage



Quality: Can you provide higher quality than

competing businesses?





Price: Can you offer a lower price on a

sustained basis than your competition?





Location: Can you find a more convenient location

for customers?



Selection: Can you provide a wider range of

choices?







Service: Can you provide better,

more personalized customer

service?







Speed/Turnaround: Can you deliver your product

or service more quickly?





Unique Selling Proposition (USP): What

features/benefits set your business apart from its

competition?









Be ware that pricing may define what your product

is for the customer!







Blue Ocean Strategy





Assignment!

● Five different business in your neighborhood

that provide similar services and/or products

● Identify the advantages each have over the

others, if any.

● Propose different changes in the business

strategy of each to create USP

● Imagine a new business entering that field, is

their a blue ocean for it?



References

● Entrepreneurship and Small Business

Management, 1/e, Steve Mariotti and Caroline

Glackin, 2012, Pearson Education

● Effective Small Business Management, 10/e,

Norman M. Scarborough, Prentice Hall, 2011

Date post:	08-May-2015
Category:	Education
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