1. How a clearly defined vision helps a business
A. Vision produces direction – companies who spell out the vision for their company focus everyone’s attention on the future and detail the path a business will take B. Vision determines decision
C. Vision motivates people- a clear vision excites and ignites people to action D. Vision allows for perseverance in the face of adversity. 2. Define strength, weakness, opportunity, and threats
a. Strength- are positive internal factors that inhabit a company’s ability to accomplish its missions goals and objects b. Weakness- are negative internal factors that inhibit a company’s ability to accomplish its missions goals and objectives c. Opportunity’s- positive external forces that a firm can exploit to accomplish its missions goals and objectives. d. Threats- are negative external factors that inhibit a company’s ability to achieve its goals and objectives. 3. Three types of competition Direct, Significant competitors, and indirect competitors. Direct Competitors – offer the same products and services
Customers often compare prices
Deals among these competitors when they shop.
Significant Competitors – offer some of the same services or similar products or services Product or service lines overlap but not completely.
Indirect – offers same or similar products only in as small number of areas. 4. Three types of strategies-
a. Cost leadership- Strives to be the low cost provider relative to its competition in the industry b. Differentiation- A Company seeks to build customer loyalty by positioning its goods or services in a unique or different way. c. Focus (niche) – a strategy in which a company selects one or more market segments, identity’s customer special needs wants & interests & offers them with excellent service designed to meet their needs. 5. Define complete advantage- the aggregation of factors that sets a small business apart from its...
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