Business Strategy
Learning Resources
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Topic review
1. Think about where you are.
To make good decisions, think about what has been done in the past, what is happening now and what might
happen in the future
2. Consider your industry.
a. Differentiate your product or service to compete
1. Ways to differentiate
i. higher quality
ii better service
iii lower cost
iv greater product availability
2. SWOT Analysis (identify Strengths, Weaknesses, Opportunities, Threats)
b. Analyze the industry
i. Who are the major competitors in your industry?
ii. What are their strengths?
iii. What are their weaknesses?
iv. How can you improve on these strengths and weaknesses?
c. Know the rules of your industry
i. Barriers to entry
ii start-up capital
iii customer loyalty
iv learning curve
v brand preferences
vi suppliers
vii Industry norms
viii Industry trends
3. Outside forces can affect your business
a. Driving forces
i. Social
ii. Economic
iii. Political
1. congress
2. courts
3. government officials/agencies
iv. Technological
v. Environmental
b. Strategies to succeed with driving forces
i. Plan
ii. Make responsible decisions
iii Avoid surprises
4. Making your business unique
Analyze the rules of your industry and decide which of the rules you can “break” for competitive advantage
5. You must know your customers well
a. Identify your customers
b. You cannot be all things to all people so don’t try
6. You can create a memorable customer experience
a. Customers have choices
i. Buy from you
ii. Delay the purchase
iii. Don’t buy
iv. Buy from a competitor
b. You have a choice as a business
i. Offer what the customer wants
ii. Encourage the customer to want what you have
c. Many businesses make money by selling ideas and experiences
i. What is a well-defined theme for your business?
ii. Can you deliver a unique and valuable product?
iii. What emotions or sensations do you imagine your customers want?
7. Advertise
a. Ways to get your message out (including a mix of these)
i. TV
ii. Radio
iii. Newspapers
iv. Video
v. Magazines
vi. Internet
vii. Word-of-mouth (most trusted by consumer)
8. Change with the times
a. Types of change in business
i. Create something new
ii. Preserve only those practices that continue to create value
iii. Destroy useless policies, practices or features
b. How do you successfully manage change in your life? In the business environment?
9. Manage your time
a. Our sense of time has evolved with the development of technology (i.e. airplanes, the Internet)
b. Time considerations
i. How long will it take to set up your business?
ii. How long will it take to obtain funding?
iii. How frequently will you advertise? Weekly, monthly? Quarterly?
iv. How long will it take you to write a business plan?
v. How long will it take for the business to break even?
vi. How long will it take for the business to make a profit?
c. Prioritizing Tasks
i. Important/Urgent tasks = crisis, pressing problem, deadline driven tasks
ii. Important/Not Urgent tasks = new opportunities, planning, long-term projects
iii. Not Important/Urgent tasks = popular activities, interruptions
iv. Not Important/Not Urgent tasks = trivia, busywork, phone calls, time wasters
d. Time management strategies
i. Be realistic
ii. Get into a routine
iii. Learn to say NO
iv. Divide large tasks into smaller ones
v. Avoid perfectionism
vi. Prioritize
vii. Delegate
viii. Minimize interruptions
ix. Make a plan (goals, to-do lists)
x. Do the big (or difficult) tasks first
10. Keep reviewing your strategy
a. Do your activities fit your capabilities?
b. What do customers and employees think about your business?
To make good decisions, think about what has been done in the past, what is happening now and what might
happen in the future
2. Consider your industry.
a. Differentiate your product or service to compete
1. Ways to differentiate
i. higher quality
ii better service
iii lower cost
iv greater product availability
2. SWOT Analysis (identify Strengths, Weaknesses, Opportunities, Threats)
b. Analyze the industry
i. Who are the major competitors in your industry?
ii. What are their strengths?
iii. What are their weaknesses?
iv. How can you improve on these strengths and weaknesses?
c. Know the rules of your industry
i. Barriers to entry
ii start-up capital
iii customer loyalty
iv learning curve
v brand preferences
vi suppliers
vii Industry norms
viii Industry trends
3. Outside forces can affect your business
a. Driving forces
i. Social
ii. Economic
iii. Political
1. congress
2. courts
3. government officials/agencies
iv. Technological
v. Environmental
b. Strategies to succeed with driving forces
i. Plan
ii. Make responsible decisions
iii Avoid surprises
4. Making your business unique
Analyze the rules of your industry and decide which of the rules you can “break” for competitive advantage
5. You must know your customers well
a. Identify your customers
b. You cannot be all things to all people so don’t try
6. You can create a memorable customer experience
a. Customers have choices
i. Buy from you
ii. Delay the purchase
iii. Don’t buy
iv. Buy from a competitor
b. You have a choice as a business
i. Offer what the customer wants
ii. Encourage the customer to want what you have
c. Many businesses make money by selling ideas and experiences
i. What is a well-defined theme for your business?
ii. Can you deliver a unique and valuable product?
iii. What emotions or sensations do you imagine your customers want?
7. Advertise
a. Ways to get your message out (including a mix of these)
i. TV
ii. Radio
iii. Newspapers
iv. Video
v. Magazines
vi. Internet
vii. Word-of-mouth (most trusted by consumer)
8. Change with the times
a. Types of change in business
i. Create something new
ii. Preserve only those practices that continue to create value
iii. Destroy useless policies, practices or features
b. How do you successfully manage change in your life? In the business environment?
9. Manage your time
a. Our sense of time has evolved with the development of technology (i.e. airplanes, the Internet)
b. Time considerations
i. How long will it take to set up your business?
ii. How long will it take to obtain funding?
iii. How frequently will you advertise? Weekly, monthly? Quarterly?
iv. How long will it take you to write a business plan?
v. How long will it take for the business to break even?
vi. How long will it take for the business to make a profit?
c. Prioritizing Tasks
i. Important/Urgent tasks = crisis, pressing problem, deadline driven tasks
ii. Important/Not Urgent tasks = new opportunities, planning, long-term projects
iii. Not Important/Urgent tasks = popular activities, interruptions
iv. Not Important/Not Urgent tasks = trivia, busywork, phone calls, time wasters
d. Time management strategies
i. Be realistic
ii. Get into a routine
iii. Learn to say NO
iv. Divide large tasks into smaller ones
v. Avoid perfectionism
vi. Prioritize
vii. Delegate
viii. Minimize interruptions
ix. Make a plan (goals, to-do lists)
x. Do the big (or difficult) tasks first
10. Keep reviewing your strategy
a. Do your activities fit your capabilities?
b. What do customers and employees think about your business?