5 porter
Perform a detailed Porter's Five Forces analysis for The Broadway Cafe. Be sure to highlight entry barriers, switching costs, and substitute products. Determine which of Porter's Three Generic strategies you will use as you rebuild The Broadway Cafe for the 21st century
Competitive Advantage
To survive and thrive, an organization must create a competitive advantage. A competitive advantage is a product or service that an organization’s customers place a greater value on than similar offerings from a competitor. Unfortunately, competitive advantages are typically temporary because competitors often seek ways to duplicate the competitive advantage. In turn, organizations must develop a strategy based on a new competitive advantage.
When an organization is the first to market with a competitive advantage, it gains a first-mover advantage. The first-mover advantage occurs when an organization can significantly impact its market share by being first to market with a competitive advantage. As organizations develop their competitive advantages, they must pay close attention to their competition through environmental scanning. Environmental scanning is the acquisition and analysis of events and trends in the environment external to an organization. Information technology has the opportunity to play an important role in environmental scanning.
e-Business
One of the biggest benefits of the Internet is its ability to allow organizations to perform business with anyone, anywhere, anytime. E-business is the conducting of business on the Internet, not only buying and selling, but also serving customers and collaborating with business partners. In the past few years, e-business seems to have permeated every aspect of daily life. Both individuals and organizations have embraced Internet technologies to enhance productivity, maximize convenience, and improve communications globally. From banking to shopping to entertainment, the
Competitive Advantage
To survive and thrive, an organization must create a competitive advantage. A competitive advantage is a product or service that an organization’s customers place a greater value on than similar offerings from a competitor. Unfortunately, competitive advantages are typically temporary because competitors often seek ways to duplicate the competitive advantage. In turn, organizations must develop a strategy based on a new competitive advantage.
When an organization is the first to market with a competitive advantage, it gains a first-mover advantage. The first-mover advantage occurs when an organization can significantly impact its market share by being first to market with a competitive advantage. As organizations develop their competitive advantages, they must pay close attention to their competition through environmental scanning. Environmental scanning is the acquisition and analysis of events and trends in the environment external to an organization. Information technology has the opportunity to play an important role in environmental scanning.
e-Business
One of the biggest benefits of the Internet is its ability to allow organizations to perform business with anyone, anywhere, anytime. E-business is the conducting of business on the Internet, not only buying and selling, but also serving customers and collaborating with business partners. In the past few years, e-business seems to have permeated every aspect of daily life. Both individuals and organizations have embraced Internet technologies to enhance productivity, maximize convenience, and improve communications globally. From banking to shopping to entertainment, the