Think about a product or service you really love – something that you have recommended to your friends or family or that you would get excited talking about to a stranger. Maybe its LaCroix soft drinks, a comfortable pair of shoes, the double-chocolate muffin at your favorite bakery, or the convenient rides you get through your Lyft app. With that product or service in mind, think about the business strategy behind it.
- First, conduct research on the business, gathering as much information about its strategy as possible. Visit its website, search for news stories about the product or service, and search social media for mentions of the business. While you will not be able to learn everything about a business’s strategy that an insider would know, you should be able to get a general idea of how the business operates and what the industry environment is like. You MUST post the links to the materials you are drawing your information from as part of the DB.
- Next, in your post identify at least two the business’s main competitors. Explain how your chosen business differentiates its product or service from competitors’ offerings you have named.
- Then, explain its competitive advantage, drawing on terms form this week’s reading materials. Do you think the advantage is sustainable? Why or why not?
In response to your classmates, expand upon their analysis and offer advice in two areas where you believe the business should focus its strategy in the next two years.