BUS 111W Lecture Notes - Lecture 1: Business Plan, Niche Market, Swot Analysis
1 Oct 2017
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Document Summary
Business plan need to adjust, go along with the environment. Steeple: social, technology, ethic, environment, political, legal, economics, industry force. Industry force: different industries have different environment and start-up barriers; sometime it is resource, competitors . Achieving financial performance: return on investment, profits, growth. Meet customers" need: understanding, anticipating, fulfilling (come up with strategy that fit this need) Encourage innovation and creativity: rewards, encourage ideas (positive environment, increase employee loyalty at the same time, and possibly increase the productivity) (the environment is always change, if there is no creativity, the company is not going to grow) Building distinctive competitive advantage: unique, inimitable (unique selling point, open a niche market for own product, therefore, the company are able to charge own price and be the leader of the new market) Based on people? : resources: human, capital, financial. Assess current strategy, generate new strategic proposals, evaluate strategic proposals.
