Essay on Isfm 300 Case Study, Stage 1 Business Environment Analysis
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Before you begin this assignment, be sure you have read the “UMUC Haircuts Case Study” and be sure to take a look at the “Walmart Example.” Overview of Business Environment Analysis for UMUC Haircuts
UMUC Haircuts has been in business since 1995 and has seen an increase in competition from a variety of competitors, as described in the Case Study. With the news that a Hair Cuttery is likely to open only five miles away, Myra, the owner of UMUC Haircuts, is concerned and has begun analyzing her situation and what could be done to remain competitive in this …show more content…
Cost leadership Produce product/service at the lowest cost in the industry.
Differentiation Offer different products, services, or product features.
Niche Select a narrow-scope segment (market niche) and be the best in quality, speed, or cost in that segment.
Growth Increase market share, acquire more customers, or sell more types of products.
Alliance Work with business partners in partnerships, alliances, joint ventures, or virtual companies.
Innovation Introduce new products/services; put new features in existing products/services; develop new ways to produce products/services.
Operational effectiveness Improve the manner in which internal business processes are executed so that the firm performs similar activities better than rivals.
Customer orientation Concentrate on customer satisfaction.
Time Treat time as a resource, then manage it and use it to the firm’s advantage.NOTE: although this is included in the textbook, it should not be used as a strategy for the organization in the Case Study.
Entry barriers Create barriers to entry. By introducing innovative products or using IT to provide exceptional service, companies can create entry barriers to discourage new entrants.
Customer or supplier lock-in Encourage customers or suppliers to stay with you rather