SOCSCI 2EN3 Chapter Notes - Chapter 2: Competitive Advantage, Serendipity, Customer Service
2 Oct 2018
School
Department
Course
Professor
Document Summary
Chapter 2: start up and the need for competitive advantage. New market: concerned with providing customers with a product or service that does not ex- ist in their market but does exist somewhere else. Targeting the new age beverage market by selling soft drinks with nutritional value. New technology: those that involve a new knowledge or technology breakthrough. This type of business can be high risk because there"s no defined model to follow. The technology in- volved would need to be unique, better than others currently available, feasible to implement and focused on a market need that is deep enough to generate sufficient sales. The founders would need to have knowledge, skills, resources and connections necessary to build a profitable company around the technology. Using computer technology to give prisoners access to collect phone service directly from their cells. New benefit: probably account for the largest number of all start-ups.
