COMMERCE 4BM3 Lecture Notes - Lecture 1: Bonsai, Nibble, Starbucks
25 Nov 2018
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Future direction, competition scope, performance targets, and approaches/actions to achieve targets, should we sell by bricks and mortar or online: need to continuously evaluate. Coffee shops: why do you choose to visit a certain coffee shop - maybe convenience, close to home, Canadian, starbucks for mobile order, starbucks has more options, smaller local business coffee shop to support them & more personal, a certain food/drink. Business (or competitive) strategy is the short to medium term strategy. Goal is to attract customers via competitive advantage in specific markets. Deal with short term changes in the market. Process of strategic planning was very big and formal but now it needs to be dynamic to react to changes in the market that could not be anticipated. Corporate strategies: restructuring, reduction in size strategy i. e. action would be downsizing. Look at different product lines, divisions, decide where you are going to focus in the future.
