Entrepreneurship: Strategy and Hardware Store
Entrepreneurship
Assignment NO. 1
Presented By:
Walid Kamal Menessi
114) Assume that you are a consultant to a small independent hardware store in a town where a retail giant such as Wal-Mart, Kmart, or Target is about to open. The large retailer sells many of the same items the small hardware store sells, but at lower prices. What advice would you offer the owner concerning the hardware store's strategy? Explain.
In order to keep being alive in a bigger and stronger competitor , the owner of every small business must create and develop a real competitive advantages and point of strength and differentiation , that will keep him away from any giant competitor like Wal-Mart.
A successful strategic plan must be developed , converting the factors making this business considered as a small business to be the point of strength and success .
Small Business has fewer product lines , well defined database and can serves in such a specific geographical area , unless it has several branches , and at that time , he can get valuable information and accurate needs of the customers through close relation and close contacts with customer , this is what is not available that easy in a mass retailer like Wal – Mart .
117) assume you own a small print shop. Who are your competitors and why is it important for you to monitor your competitors' activities? Describe at least five techniques you might use to monitor competitors' strategies and actions ethically and inexpensively.
Specific techniques that I might use include:
• Asking customers and suppliers
• Talking to employees
• Attending trade shows
• Buying competitors' products (benchmarking)
• Obtaining credit reports
• Visiting competing businesses
Mini-Case 3-1: Finding a Competitive Advantage
Copreneurs Ed and Yolanda recently opened a vintage used car lot called Cherry Lane. They sell antique and collectible cars on consignment
Assignment NO. 1
Presented By:
Walid Kamal Menessi
114) Assume that you are a consultant to a small independent hardware store in a town where a retail giant such as Wal-Mart, Kmart, or Target is about to open. The large retailer sells many of the same items the small hardware store sells, but at lower prices. What advice would you offer the owner concerning the hardware store's strategy? Explain.
In order to keep being alive in a bigger and stronger competitor , the owner of every small business must create and develop a real competitive advantages and point of strength and differentiation , that will keep him away from any giant competitor like Wal-Mart.
A successful strategic plan must be developed , converting the factors making this business considered as a small business to be the point of strength and success .
Small Business has fewer product lines , well defined database and can serves in such a specific geographical area , unless it has several branches , and at that time , he can get valuable information and accurate needs of the customers through close relation and close contacts with customer , this is what is not available that easy in a mass retailer like Wal – Mart .
117) assume you own a small print shop. Who are your competitors and why is it important for you to monitor your competitors' activities? Describe at least five techniques you might use to monitor competitors' strategies and actions ethically and inexpensively.
Specific techniques that I might use include:
• Asking customers and suppliers
• Talking to employees
• Attending trade shows
• Buying competitors' products (benchmarking)
• Obtaining credit reports
• Visiting competing businesses
Mini-Case 3-1: Finding a Competitive Advantage
Copreneurs Ed and Yolanda recently opened a vintage used car lot called Cherry Lane. They sell antique and collectible cars on consignment