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Bus 400 week 10 ppt 5
1.
©Gundry & Kickul
(2007). Entrepreneurship Strategy. SAGE Publications. Entrepreneurship Strategy Market Entry: Positioning the Firm for Strategic Advantage Chapter 5
2.
©Gundry & Kickul
(2007). Entrepreneurship Strategy. SAGE Publications “There will come a time when big opportunities will be presented to you, and you’ve got to be in a position to take advantage of them.” Sam Walton, founder of Wal-Mart Inc. “A business has to be involving, it has to be fun, and it has to exercise your creative instincts.” Richard Branson
3.
©Gundry & Kickul
(2007). Entrepreneurship Strategy. SAGE Publications Designing the Firm’s Value Solution
4.
©Gundry & Kickul
(2007). Entrepreneurship Strategy. SAGE Publications Designing Your Firm’s Value Solution For customer convenience, Who within your firm’s industry is emphasizing customer convenience? Where are there “gaps”? How does your primary market currently go about buying existing products or services of this type? How can your new venture create a solution or solutions to offer customer convenience? For price, How does your pricing strategy compare to others in the industry? Is pricing a major buying criteria for your customers? If so, how can you make price a key differentiator (while keeping your viability and business expenses in mind)? For productivity, How does your product/service improve or enhance the productivity and efficiency of your market? How can you make efficiency be perceived as a key marketing or selling point of what your firm offers or how it conducts business?
5.
©Gundry & Kickul
(2007). Entrepreneurship Strategy. SAGE Publications For simplicity, How does your product or service “solve” some of the basic needs and solve the current problems of your customers? For image, How do your potential or current customers perceive the benefits of your business? What are their sources of information? Word of mouth? Trade publications? The Internet? How can you build or improve the image of your product/service solutions? Designing Your Firm’s Value Solution
6.
©Gundry & Kickul
(2007). Entrepreneurship Strategy. SAGE Publications Market to Market: Creative Connections Business Description Write the nature of the business in a word or short phrase. Attribution List List all the features, (e.g., characteristics, services, products, promotion methods, value offered) that you associate with this business. If the business is not yet in existence, list your intended features. If it is an already established business, list the features it already provides. Select a Different Type of Business Pick an industry or business type that is distinctly different from yours or the one you are considering, and write it at the top of the next column. Attribution List for “Different Business” Follow the instructions under the second point, above, for the different business. Write as much as you know about what this business does or could provide. Make Creative Connections What do the attributes of the “different business or industry” suggest for your business or industry? For your value solution? What could you put in place in your business that has been successful, or a competitive advantage in the different business? How can a different industry partner’s information assist you in developing your value solution(s)? What opportunities did you discover for marketing your product/service? How can these opportunities be integrated into how you market your value solution?
7.
©Gundry & Kickul
(2007). Entrepreneurship Strategy. SAGE Publications Revisit and Adapt: Matching Strategy, Solutions, and Market Drivers
8.
©Gundry & Kickul
(2007). Entrepreneurship Strategy. SAGE Publications Strategic Positioning of the Firm: Example of Pet Boutique Venture
9.
©Gundry & Kickul
(2007). Entrepreneurship Strategy. SAGE Publications Assessing Competitors’ Will How crucial is this product to the firm? How visible is the commitment to the market? How aggressive are the managers? (Lehmann & Winer, 2005)
10.
©Gundry & Kickul
(2007). Entrepreneurship Strategy. SAGE Publications The Case of Ciena Access infrastructure upgrades for service delivery Storage and Ethernet service value amplification Network scaling for high-bandwidth applications like video and multimedia on demand Core network convergence and automation Packet network integration and optimization for enhanced new services
11.
©Gundry & Kickul
(2007). Entrepreneurship Strategy. SAGE Publications The Strategic Plan Outline Executive Summary Concept Description: Organizational-level Strategies Analysis of External Environment: Industry & Market Strategies Analysis of Internal Environment: Management Team Strategies Financial Strategies Critical Risk and Exit Strategies
12.
©Gundry & Kickul
(2007). Entrepreneurship Strategy. SAGE Publications The TOWS Strategic Audit Internal Factors External Factors Strengths (S) S1 List internal S2 strengths S3 S4 S5 Weaknesses (W) W1 List internal W2 weaknesses W3 W4 W5 Opportunities 01 List external O2 opportunities O3 O4 O5 SO STRATEGIES How can you use your strengths to take advantage of the opportunities? WO STRATEGIES How can you reduce your weaknesses to take advantage of the opportunities? Threats T1 List external T2 threats T3 T4 T5 ST STRATEGIES How can you use your strengths to avoid threats? WT STRATEGIES How can you reduce your weaknesses to avoid threats? (Weihrich, 1982)
13.
©Gundry & Kickul
(2007). Entrepreneurship Strategy. SAGE Publications After the TOWS… Consider the Strategic Position for the New Venture Low Cost Highly Differentiated Narrowly Focused Broadly Focused Elaborate Collaborate
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