Week 2: Industry Analysis, Competition,
and Feasibility of Business Idea - Discussion
Identifying the Competition (graded)
Is there any business that has no competitors?
If your business is so attractive, why aren't others already in it?
Responses
Responses are listed below in the following order: response, author and the date and time the
response is posted.
Response
Author
Date/Time
Identifying the
Professor Anderson Anderson
Competition
1/12/2013 7:15:16 PM
Hi Class,
Moving into week two, we will look at business competition.
All businesses are in competition, the question is, if that competition is present
or future competition. However, present or future competition is irrelevant. A
businesses must continue to grow and keep-in -pace with moderate technology,
which could help a business to be more productive and cost effective
Understanding and applying the SWOT method would be a plus
for any organization attempting to go public. Using SWOT would
enable a business to address internal and external issues.
Hence, understanding an organization's strengths and weaknesses
could help a business to maintain a competitive edge and assist the
business to move forward in a constructive direction, for future
growth and success.
I am looking forward to your input.
Professor Anderson
RE:
Identifying
Robert Walkling
the
Competition
1/17/2013 11:31:31 PM
Competition is a great thing, but sometimes competitions aren't necessary and
actually cause damage within society. For example, you wouldn't want 35 bus
service companies in a single town or city. It's excessive, pollutes, and causes
too much clutter. That's why a monopoly of utilities is, sort of, a good thing
because it reduces he amount of equipment and utilities on the line. Imagine
in each city had 25 different electric companies with telephone polls all over
the city, that was be crazy.
There isn't always competition but, for most businesses there is competition
that they need to be aware of and respond against. A SWOT analysis is a
great tool for identifying what your weaknesses may be and how to improve
upon them.
RE:
Identifying
John Scarbrough
the
Competition
1/17/2013 7:47:53 PM
By figuring out who and what your competition is or will be can help in
knowing how to compensate for it and what to do when needed. It can also
help you to focus on what you need to do to be more successful than any one
else in the business.
RE:
Identifying
Timothy Middleton
the
Competition
1/16/2013 6:58:14 PM
Knowing your competition and their advantages/disadvantages provides your
business insight on how to navigate the market. Also never saying you do not
have competitors since consumer spending habits can change instantly.
"A competitor analysis is a detailed analysis of a firm’s competition. It helps
a firm understand the positions of its major competitors and the opportunities
that are available to gain a competitive advantage in one or more areas. The
competitor analysis also communicates to the readers of your business plan
that you have a complete understanding of your firm’s competitive
environment."
Barringer, Bruce R. (). Preparing Effective Business Plans: An
Entrepreneurial Approach [1] (VitalSource Bookshelf), Retrieved from
http://devry.vitalsource.com/books/9781256086635/id/ch06fig03
RE:
Identifying
Ebony Ghee
the
Competition
1/16/2013 4:24:23 PM
I think knowing the competition and being able to stay innovative with your
business is important to being able to handle the competition. Buisnesses
today have to keep in mind that they are just like computers, televisions, and
cell phones. We all know the saying that when one of these comes out that
there is a better uodated version waiting to come out just after its
launch. Therefore, just as your business is opening up there is another one
opening up just like it and they are one upping the competition when it
opens. In the planning stages a business should already have at least two
ways it can be innovative for the service or product produced. That's what
may help you survive as another business opens up and does exactly what
you do.
RE:
Identifying
Ernest Raye
the
Competition
1/15/2013 11:13:33 PM
I think Subway has no competitors, since the annihilated there competition.
There is Jersey Mike's pushing the quality over quantity campaign.
RE:
Identifying Professor Anderson
the
Anderson
Competition
1/16/2013 4:42:33 PM
Hello Chanel, Ebony,Ernest and all,
Thanks for your great comments
To all: Good research
Good research, regarding maintaining a competitive edge,
entails developing a marketing analysis. In addition,
sampling your target group would be an excellent idea to test
if your product or service is needed.
An organization could devise a questionnaire asking open
end questions to invite your pre-target market to provide you
with information that would help you to determine if you
need to change your marketing approach.
In addition, you could use qualitative or quantitative methods
to provide your business with adequate information to move
your product or service forward.
The qualitative method involves surveys interviews, and
other face-to-face methods. Quantitative research involves
statistical data to provide information about your business.
Therefore, quantitative research is a great method to produce
good outcomes when using the four C's.
Professor Anderson
RE:
Identifying
John Claudio
the
Competition
1/16/2013 10:58:26 PM
Hey Ernest in my hometown Subway seems to rule. One day there
were about 2 other sandwich places then under 2 years they shut their
doors. I think Subway had already established their clients. You had
you first 3 months of an influx of customers flock to the other stores
but that soon tapered off.
RE:
Identifying Professor Anderson
the
Anderson
Competition
1/17/2013 11:02:24
AM
Hello, Pavielle, John. Abbigal, and all
Sometimes new entrepreneurs push marketing in the
background; this is not a good move. Hence, from the onset
of starting a business, a good marketing strategy plan should
be one of the primary objectives. Developing a good
marketing plan will help to direct your business and help to
increase your competitive edge, in the marketplace.
Moreover, there are several factors to establish a good
marketing plan, two of those essential components are
designing your product or service to provide customers with
quality, a good price, and speed. Marketing strategies should
deliver a message of interest and intent to buy, therefore,
your marketing method(s) must be clear and appealing to
both present and future customers in order to maintain
a competitive edge. Remember, you may have the only
product or service now, but what about the future.?
Professor Anderson
Please name a specific industry that has followed the above
concepts and please name the company’s core
competency(s).
Reference:
Collins, Jim (2001). Good to great. New York:
HarperCollins
RE:
Identifying
Charmaine Davis
the
Competition
1/19/2013 11:57:06
PM
In such an aggressive business you need
to have a strategic plan that is ready for
changes. Implement extensive research
(R&D) if possible on the current product and
market.
(1) Regularly analyze your target market, dont
take it lightly that you have done everything
possible, be open to new innovation
(2) Always study and identify your
competitors, be on guard as to who they
maybe, they may very well be your
employees, or your co-partner.
(3) Know your current and prospective
competitors. keep your guard up at all times
(4) Enquire which business are going after
your same target market and where are they
located and who they are.
RE:
Identifying
Ebony Ghee
the
Competition
1/18/2013 7:22:40
PM
Southwest Airlines I believe has been successful at
this.
Their core competencies are:




The lowest operating costs per plane
An economical point-to-point airport
network
A fanatical culture focused on customer
service and cost savings
An ability to keep planes in the air more of
the time than its competitors.
RE:
Identifying
Timothy Middleton
the
Competition
1/19/2013 6:39:32
PM
Ebony,
These are great examples of an airline
company that paved the way for an
industry that almost collapsed. I fly fairly
often and seek the best customer service
along with reliable travel.
RE:
Identifying
Ernest Raye
the
Competition
1/17/2013 8:35:05 PM
I agree John. Great point! The first three months is the most
important. I can't stand Subway by the way. There lettuce is
nasty, that's why if I do eat there I get the spinach instead of
the lettuce.
RE:
Identifying
Ebony Ghee
the
Competition
1/19/2013 7:29:53
PM
You have to admit that Subway caters to what you
want. Even though you think their lettuce is nasty,
Subway offers an alternative, spinach. This could
be considered a small competitive advantage
because no other sandwich shop(that I know of) like
subway offers spinach. They realized that not
everyone will like lettuce so they have another
green leafy alternative that tastes great on a
sandwich.
RE:
Identifying
Charmaine Davis
the
Competition
1/15/2013 12:02:56 AM
Competition can be healthy for a business, it can motivate workers, and cause
employer/employee to reach its goals by striving to stay ahead of the market.
Treat to the business can also help the business to see whatsoever, potential
harm is of treat to the business and this can help the business to change its
course .
RE:
Identifying
Jamila Moore
the
Competition
1/17/2013 7:09:17 PM
Businesses have traditionally dedicated a great deal of effort to
staying ahead of the competition. This tends to limit their focus on
the variables that are easily matched, such as pricing and features.
Business then becomes a measured battle that often leads to a
downward spiral, one in which not even the customer wins. While
consumers may get a lower price, they have to deal with companies
that are delivering the bare minimum for that price in an effort to
remain profitable.
In these days of Groupon deals and the like, people are still more
likely to share their excitement or joy of having worked with a
company that truly set new standards.
That’s what every business should aspire to be – the one that changes
the game.
http://www.jeffkorhan.com/2012/07/competition-innovate.html
RE:
Identifying
Jose Santiago
the
Competition
1/15/2013 7:42:32 AM
Competition can help as a motivator and if none exists improving the
company should always be considered to help deal with threats that can rise
against the company. Companies can have complete control over a market
and fail because they fail to accommodate with technological advances. We
can look at the Hollywood Video and the movie rental service. This company
was one of the leaders of this market for quite some time and did not bother
changing and technology improved. When it finally realized that their type of
service was not as convenient as the new competitors it was too late and the
business failed. Any type of business can face this issues and a SWOT can
help a business handle situations that threaten its future.
RE:
Identifying
Stephen Verbeke
the
Competition
1/14/2013 4:23:49 PM
Modified:1/14/2013 4:36 PM
I believe it is very important to know what your competition is up to and how they are doing. If they have
developed a new type of system or a new way to produce something (business depending) then they can have
a competitive advantage over your business which would be disastrous. The further away the competition
gets from you means you will have to play catch up and will likely become too difficult. The SWOT is a
great tool for any business as this will help determine what the company is doing well and what it needs to
improve. The analysis will help determine important factors which are for or against the company, but the
point is to identify them so they can keep doing the good things and improve the weak areas. Many
businesses will likely know what they are good at and what they are doing well so I personally like
determining opportunities and threats because I feel these are the most helpful.
RE:
Identifying
Schnae Camarillo
the
Competition
1/14/2013 5:58:54 PM
I agree stephen the SWOT analysis is very important and an
extremely helpful tool for all businesses to have. It definatly puts
things into perspective and makes it a reality. When a business is
able to sit down and address its strengths, strengths, weaknesses,
threats, and opportunities it can be a good an bad thing too. It finally
makes them aware of problematic areas, who their real competition
is, and what measures they can take to stay afloat. It can be bad if the
business realizes it has more weaknesses than strengths, and more
threats than opportunities. But that is very important for any business
to know so that way they can address those issues and re-evaluate
where they stand as a company.
There was one comment you made that I didn't agree on. "I believe it
is very important to know what your competition is up to and how
they are doing. If they have developed a new type of system or a new
way to produce something (business depending) then they can have a
competitive advantage over your business which would be
disastrous. I was looking to see if there was any such thing as a
business with no competition and came across this article saying
competition was actually great. "I do some angel investing, and I get
a little nervous when people say there is no competition" for the idea
they are proposing. The market has a funny way of sorting out the
good ideas from the bad, and if there is no competition for your idea,
chances are, there is no market either" (Warrillow, J. 2011).
The author goes on to say that there is two criteria that determine
your success if customers care about your product/service, and if it
makes you unique. The article also tells the story about the computer
company Panasonic who wanted to develop a laptop among
competitors (Apple, Dell, HP etc). Everyone else already took a
certain segment in the market place and Panasonic didn't see hope
but found a small segment for police officers and business people.
They created laptops geared for durability in the police car, an can
with stand airplane shuffle when traveling (for business people).
Pretty interesting read.
Warrillow, J. No competition? Chances Are, There's No Business
Either. April 28, 2011. Retrieved
from: http://www.inc.com/articles/201106/no-competition-nobusiness.html
RE:
Identifying
Dale Smith
the
Competition
1/14/2013 10:23:41 AM
Is there any business that has no competitors? I doubt there are any
business/company without competitors, or at least, I can't think of any. In my
opinion all businesses have some type of competition either through direct
competitors or indirect competitors. Additionally, after researching this topic
I learned of new term called "Replacement Competitors". According to
Market Competition 101 by Daniel Burstein, "A replacement competitor is
something someone could do instead of choose your product or service, but
they’re using the same resources they could have committed to your
company.
RE:
Identifying
Damion Graves
the
Competition
1/14/2013 7:37:03 PM
I like your post.. A replacement competitor always come along to
steal a potential customer with the same product but maybe better
customer service say the cell phone, internet customers;.
I switched to at&t from Time Warner due to poor customer service
and product placement. Now when the conversation comes up among
friends I promote my new carrier.
Now the market is getting flooded by all new company's that are
willing to get a chance impress a new customer.
RE:
Identifying Professor Anderson
the
Anderson
Competition
1/15/2013 10:50:49 AM
Hello Charmaine, Jose, Schnae,Dale and all,
I appreciate your great comments.
To build a competitive edge a business should understand the
basic goals of the organization. Moreover, in order to move a
business in a constructive direction the following aspects
should be considered to help an organization to remain
competitive in the market-place.
1. First Who, Then What:
Getting the right people on the bus and the wrong people off
the bus
Deciding which direction the bus will go
The right people are an organizations best asset
2. Confronting the Brutal Facts (Never Loose Faith)
Every good to great company endorses what is known as the:
Stockdale Paradox (organizations must remain determined
and keep persevering, and never loose hope)
However, an organization must be able to face the truth.
In addition, the Hedgehog Concept (changes complexity to
simplicity within three disciplines, which could help to turn a
business around and move a business in a productive
direction (Collins, 2001).
Restructuring core competence
Knowing how to be the best at something
Technology Accelerators:
An organization must be the best at something; if an
organization is not the best at something, an organization
must change directions, technology accelerators,
globalization, are just two ways an organization could move
in a constructive and productive direction (Collins, 2001).
What is your organization’s core competency?
Reference
Collins, Jim (2001). Good to great. New York: HarperCollins
Professor Anderson
RE:
Identifying
Dale Smith
the
Competition
1/15/2013 1:16:07 PM
Thanks Professor for the reference above, I totally agree
with "An organization must be the best at something". At
my current company we were in the same boat, we were
chasing opportunities all over the place and none of them
had core skills or services that were the same. We struggled
for about 3 years with an annual revenue of about
$5Million. Then one day, we decided to focus on our core
strengths, the strengths of our employess and we grew at an
outstanding rate. Using this strategy we grew over the next
3 years from an annual revenuw of $5Million to an annual
revenue of $30Million.
RE:
Identifying
Damion Graves
the
Competition
1/19/2013 7:02:22
PM
I I read this in one of my class books cant recall
which one , but this is a great tactic as will as
motivator for a lot of compaines .
The N.F.L has had a problem simalur with the lack
of benefits for the referees. And us sports t fans
seen how critical the refs were to the game of
football. The referees
went on strike and so the league hired highshcool
and collage officials which were not good at all.
The game begin to get bad press and fans were very
shook up . The N.F.L quickly made the changes and
agreed to pay which got things back on track which
has been one of the best grossing years in awhile for
the N.F.L
RE:
Identifying
Charmaine Davis
the
Competition
1/15/2013 11:50:49
PM
Dale, that's a tremendous change that led
to growth! That's a great example for
businesses that find themselves
struggling within a highly competitive
market. An organization must be willing
to change its direction. For this reason
many companies are rethinking and
restructuring the way that they do
business. To keep up with the current
market it is important that they develop
new ways through innovation to improve
their business, in order to be ahead of
the competition. Workers, are being retrained, out-dated machines are being
changed and new technologies
are replace. Competition open up new
ventures and expectation for
employers/employees that are willing to
learn new technologies
RE:
Identifying
Jamila Moore
the
Competition
1/15/2013 2:31:18
PM
There aren't many companies that have absolutely
no competition anymore. I can't think of any of
hand. Ford, was first with automobilie. Bell was
first with telephones, but now there aren't many
firsts... When Panasonic wanted to enter the
crowded laptop market, it surveyed the landscape
and saw Apple owned sexy, Dell owned direct, and
HP owned innovation. Someone had already staked
a claim to the big things customers cared about
when buying a laptop, but there was a small
segment of customers who wanted a laptop to be
rugged above all else. Police forces want their
officers to have laptops that can stand up to the
rigors of the inside of a squad car. Traveling
salespeople need their laptops to withstand the
punishment of airport security. So Panasonic found
a small but profitable niche in developing
ToughBook—the most durable laptop on the
market.
Think about the competitive market you want to
enter and, like Panasonic, find an angle.
http://www.inc.com/articles/201106/nocompetition-no-business.html
RE:
Identifying
Omar Davis
the
Competition
1/14/2013 6:13:09 PM
In a sense, every business is in competition with each other, rather they know it or
not. Rather they are selling the same products or not, they are all competing for
the customer's dollar. What will benefit them is the sooner they can identify their
competion, the better they will position themselves to succeed. You want to do a
SWOT analysis of your business and compare it to others and know where you
need to improve.
RE:
Identifying
Richelle Nolte
the
Competition
1/19/2013 11:47:12
PM
I agree with you Omar, in the end every business is in
competition with one another. Every business can use
improvement, and put up to another business showing it's
advantages and disadvantages.
RE:
Identifying
Randy Ibekwe
the
Competition
1/19/2013 5:22:46 PM
Competition is a great thing, it is a great foundation in our country and it
paves way for excellence, increase in revenues, increase in standard of living
etc but i must also confess that competition is not always meaningful or
desirable if not we will suffer mishap and damages to the society and
environs. Just imagine if there is competition with Georgia Power. It is rather
not imaginable and this si why government sometimes monopolizes some
businesses and run it solely. Amtrak is also another example. Shall we make
another train racks for other competitors? The answer is no so competition is
not always permissible and reasonable and this is the essence of SWOT.
RE:
Discussion
Threads
Professor Anderson Anderson
1/14/2013 2:41:09 PM
Modified:1/14/2013 2:43 PM
To all;
According to DeVry University Online Policy, students are expected to log in and
participate in each of the graded topics in the threaded discussions a minimum of three
times each week. Students should participate at least every other day (beginning no
later than Wednesday) to assure that they are able to review postings and share
thoughts in a manner that allows other students to respond within the class week
Topic: Performance Management, Diversity, and Motivation
Professor Anderson
Identifying the
Deborah Colbert
Competition
1/14/2013 4:49:40 PM
Class,
This is what came up when I googled business that has no competitors.
Apple has no competition. None. Zero. There is no other company that plays the same
game as Apple.
Apple creates computers, phones, tablets, music players, operating systems, television
set-top boxes, lifestyle and productivity software, professional media software and
wireless routers. They also sell movies and music and they have an app store that so
far hasn't been challenged.
Name all the other companies that do all that, and you have the list of Apple's
competitors.
You can read more at the link below to see what the article say about competitors that
people think can compete with Apple.
http://technorati.com/technology/article/apple-has-no-competition/
RE:
Identifying
Randy Ibekwe
the
Competition
1/19/2013 5:24:23 PM
Hi Deborah,
In as much as you are truthful about Apple but i must also confess that they
do not stand in the way of competitors. Anyone who has what it takes to
compete is welcome into the race.
Identifying the
Zhe Zhang
Competition
1/14/2013 7:09:25 PM
I believe that under the market economic system, every business has the competitors
as long as it is a good business. In my opinion, the more attractive the business is, the
more competitor would be. So, I think that a successful business does not need to be a
business with the less competitions, it should be a business which has the abilities to
win the competitions. Somehow, it is good thing when you find your business idea has
a lot of competitors, all you need to do is trying to win the market shares. However, if
there is no competitors at all, you would need to think about if your business idea is
really feasible.
competition
Natalya Borodina
1/14/2013 7:39:59 PM
Monopolies do not have competition. For example, electric company in your area is
usually the only provider. It wouldn't make any sense to have 15 electric companies
running same wires all over the place. Not to mention it might cause hazards and
break city codes.
Professor Anderson Anderson
RE:
competition
1/15/2013 10:58:16 AM
Hello Dale, Omar, Zhe, Natalya,Deborah and all,
Great comments,
To maintain a competitive edge in the market-place several factors
should be in place. A business’s mission statement is the heart of the
business, and should advocate the importance of good customer
relationships to main high customer retention. Sometimes an
organization’s mission statement lays dormant in an organization.
However, the marketing department should ensure that the
organization’s mission statement is visible and understood by all
employees. In doing so, this would help the entire organizational
community to move in a constructive direction to increase an
organization’s competitive edge.
Moreover, sometimes a business becomes complacent, regarding the
organization’s mission and purpose and this type of behavior may
cause an organization to lose valuable customers, and decrease a
business’s competitive edge.
In addition, time and speed is everything, regarding the delivery of
goods and services. I cannot stress how important good customer
care is to a business, regarding maintaining a Moreover, I believe
that businesses should provide ongoing training programs for
employees, to encourage good customer care.
Do your organizations' mission statement move in a direction for
future success?
Your thoughts
Professor Anderson
RE:
competition Markeeta Robinson
1/15/2013 2:40:01 PM
I believe that most organizations mission statements move toward the
future. Usually the mission statement is inspiring and tells you what the company
is striving to achieve.
RE:
competition Charmaine Davis
1/20/2013 12:02:03
AM
Yes! a mission statement is a core value of what your business stand for.
It will motivate and guide your employees and customers to identify the
goals of your business. This is very important in the interest of the
business.
Customers service is a very valuable asset to any company with
excellent customer service a company will generate loyal customers.
RE:
competition Schnae Camarillo
1/15/2013 4:19:48 PM
Mission statements



Describe the overall purpose of an organization: what we
do, who we do it for, and how and why we do it.
Set the boundaries of the organization’s current activities.
Are the starting point in developing a strategic vision.
A mission review gets an organization back to basics. The
essential activity of determining whom you serve can be a wakeup call for organizations that have started to skew their activities
to meet the needs other stakeholders (such as their funders or
lobby targets) and not their actual clients.
A vision statement



Describe an ideal future.
Reflect the essence of an organization’s mission and
values.
Answer the question, what impact do we want to have on


society?
Unite an organization in a common, coherent strategic
direction.
Convey a larger sense of organizational purpose, so that
employees see themselves as “building a cathedral” rather
than “laying stones”.
http://www.axi.ca/tca/mar2004/associatearticle_1.shtml
My organizations mission statement will state what we stand for an
want to accomplish. So yes I do believe it will lead us in the direction
of the future but it is not my vision statement which describes the
direction of my future. I would have to agree on the fact that some
businesses do become complacent regarding their mission statement.
I believe some organizations stop looking to it and implementing it
with each new comer and I do agree that they need to start training
employees in the mission statement. Customer service is the back
bone of any business when a customer is looking for something the
thats the first place they go. When they have questions or concerns
that the first place they go, its the first thing they see when they walk
in and the last thing they see walking out. Its who they interact with
the whole time present in your store, business, or organization.
Customer service is people dealing with people and if the companies
people don't treat the customers correctly and respectively chances
are that business won't be around long. There is plenty of competition
to every store or service out and customers have no problem with
finding it if they feel a certain business isn't worthy of their service!
RE:
competition Chanel Pompey
1/17/2013 6:53:18 PM
If I owned my own business then yes my organizations mission
statement would move in a direction for the future. Most
organizations mission statements are inspiring and are generated
based on what they have done, what there doing, and what they will
be doing in the near future. I think every organizations mission
statement should move in a direction for future success because it
lets people know that the company desires to be successful and stay
successful.
RE:
competition Ebony Ghee
1/18/2013 7:26:09 PM
Your ending questions is a good question that I don't know if many
people think about when developing their mission statement. That is
why you find older companies, businesses, and organizations that
have outdated mission statements that no current employee knows
how to carry out. You also find some mission statements so vague
that it leaves too much room for deviation.
RE:
competition Shiloh Motley
1/15/2013 6:43:12 PM
Our mission is simple:
HFI is committed to delivering quality products and profitable partnerships within
our target markets that will position the company
as a valued supplier.
http://hfi-inc.com/about/hfi.html
Yes it is committed to making quality products for the customer. It
does move toward the future.
RE:
competition Jamila Moore
1/16/2013 7:45:21 PM
"If you don't know where you're going, it doesn't matter which way you go."
— Cheshire Cat, Alice in Wonderland
Below are two distinct discussions of what makes a good mission statement — one suggesting a
single sentence, the second a more extensive presentation. There is, of course, no absolute right
answer; these two suggestions indicate a range of possibilities.
Version 1: One clear sentence
Version 2: Communicate the essence
>> The need for a mission statement
>> What should be included?
>> The Purpose Statement
>> The Business Statement
>> Values
RE:
competition Zhe Zhang
1/16/2013 10:07:50 PM
In my opinion, the mission statement for the most organizations is to
tell people especially the customers and employees how the and what
the organizations are intending to get. Then, every step of your
business plan or your future moves should be obeyed to your mission
statement. I think that It is just like all the laws must not against the
Constitution.
RE:
competition Stephen Verbeke
1/16/2013 10:30:22 PM
I agree that a mission statement is critical for any business and that it can become
complacent without one. I accepted a new job about six months ago and both the
old and new job were in the same industry. The last company had a mission
statement but was never taken seriously and was forgotten, in other words
complacent. This caused them to lose focus of why they were in business which is
making the customer happy. I notice a significant different with the new company
and their attitude towards their mission. It is clearly stated on their website for all
the customers to see including customer, employee, and stakeholder
commitments. Having this clearly outlined is great because when other see it they
will remind you of what they stand for if the business isn't living up to its
obligations. It also shows that thought goes into the customer's satisfaction but also
the staff and local community which will resonate well with its
customers. Outlined below is what the company's core values are:
Mission Statement
To consistently provide our customers the best countertop purchasing experience
available in the marketplace.
CORE VALUES
Customer Commitments

To treat all Customers with respect, in an open and honest fashion.

To provide our Customers the highest quality countertop products
available in our marketplace, at a fair price, in order to meet their clients'
needs.

To ensure we develop and add products to expand our offering to meet the
current and future needs of our Customers
Employee Commitments

To treat all Employees with respect, in an open and honest fashion.

To provide a work environment for all staff that is safe and free of
harassment of any kind.

To be an equal opportunity employer who respects and supports the
diversity of our work force.

To provide compensation, training and education and advancement
opportunity that allow employees to improve their personal and
professional lives.
Stakeholder Commitments

To treat all Suppliers as true business partners through aggressive, yet
fair, price negotiations, paying accounts on schedule and working together
to offer industry-leading programs that provide exceptional product and
value to our Customers.

To provide Stakeholders with above-industry-average returns through
profit distribution, dividend payments and capital appreciation of their
investment.
http://www.floform.com/about-us
RE:
competition Celeste Harrell
1/19/2013 10:16:25 PM
I am working on two companies, one I created Ke-i Music, the
mission statement is
Music is the universal language; the mission of Ke-iMusic,
Incorporated is to provide access to digital media as we evolve
through the Digital-Virtual Age. While increasing the value of music
to the artist and music industry overall.
I believe when this mission was being developed that we had the
future of music and everyone involved in mind. This is a futuristic
mission. In creating the vision for the company I thought how we
relate to our customers vendors, partners and all stakeholders and
their importance ought to be ongoing and entrenched in the structure
of the business. I saved that part for the vision statement. I wanted
the mission to speak for what we do as a company.
For my Aveda Concept Salon Beautiful Swan Spa and Salon, I have
opted to embrace the corporation mission statement which says,
Aveda's Mission Statement
Our mission at Aveda is to care for the world we live in, from the
products we make to the ways in which we give back to society. At
Aveda we strive to set an example for environmental leadership and
responsibility, not just in the world of beauty, but around the world.
However, I am developing my own vision statement. I am doing this
because I believe each business has its own personality, its own
voice and ought to reflect those unique characteristics.
http://www.brighthub.com/office/entrepreneurs/articles/95766.aspx
RE:
competition Richelle Nolte
1/20/2013 11:59:40 PM
A mission statement is very crucial to the companies success in the
future. A mission statement defines why a company exists and what
it aspires to become.3 If carefully written and used properly,a
mission statement can define the path a company takes and act as its
financial and moral compass. For a business plan,a well-written
mission statement demonstrates that your business is focused and
you can articulate its purpose clear and distinctly. (Barringer 92)
Barringer, Bruce R.. Preparing Effective Business Plans: An
Entrepreneurial Approach. Pearson Learning Solutions.
<vbk:9781256086635#outline(9.4.2)>.
RE:
competition Christine Elwonger
1/15/2013 2:44:57 PM
Natalya, you are right that monopolies don’t have any competition and now there are laws
that protect against a company from having a monopoly. However, even with the electric
providers, we still need competition. It is the competition that drives prices down. That’s the
way it used to be with the phone company too. There was only 1. Then when the
government cracked down on Ma Bell and made them divide; the prices began to go
down. When you have competition you realize that if you are lower in price, even if it’s a
few pennies, the customers who are cost conscience will patronize your business over
someone else’s.
Identifying the
Markeeta Robinson
Competition
1/15/2013 1:55:30 PM
If a business is a monopoly they don't have any competition, however, most
businesses have some type of competition in this day and age. I feel that some
utilities companies may not have any competition depending on the location.
Why
arent
others
already
in it?
Natalya Borodina
1/15/2013 4:24:49 PM
Percentage cannot handle the risk that comes with entrepreneurship and some just do
not take the necessary steps towards entrepreneurship.
Identifying the
Chanel Pompey
Competition
1/15/2013 5:07:11 PM
I would have to say yes there are some businesses that have no competitors and one
huge one would have to be Apple. Apple has and sells the most electronic products
and software than any other provider. They have competitors but then again they don't
because none of those competitors have challenged Apple nor its products and
software. If you have an attractive business with no competitors at all then there is an
issue. There's a difference between not having any competitors at all and having
competitors but ones that have not and dare not to compete and has not stood up to
your product. If you have a business with absolutely no competitors at all then
chances are, there is no market either meaning there is no reason for a business.
RE:
Identifying
Deborah Colbert
the
Competition
1/15/2013 6:17:18 PM
Chanel,
Apple provides products and services that just surpass their competitors,
which it makes it difficult for business to challenge them. I think that is why
they are so domiant.
Identifying the
Deborah Colbert
Competition
1/15/2013 6:14:12 PM
A business that has no competitors is considered to be a monopoly, which means that
business dominates and controls a specific industry. One of the biggest monopolies is
Microsoft who controls at least 95% of sales with the PC world with their windows
program and their Office program.
Identifying the
Ddungu Wasswa
Competition
1/15/2013 9:11:17 PM
Well, competitors are present in every aspect of the business. Without competitor a
business will never improvise. The key of having your business in the spotlight is to
do the best and different from the way your competitor does the business. My business
is attractive than why aren’t others I it? This question is very reasonable. But, the fat is
that there are countless competitors of the same business selling their business and
gaining profits, the fact why one succeed and fails to create an impact on the market is
the tactics that makes them look different though one sells the same idea as that of his
competitors and that is the trick to make your business look attractive.
RE:
Identifying
Charmaine Davis
the
Competition
1/16/2013 12:01:37 AM
I sometimes wonder why is it that two businesses are on the same block
selling similar products and one is doing much better than the other? Take for
example; before Wal-Mart took over the retail industry, K-Mart many
customers were going to K-Mart to purchase goods. Now, that Wal-Mart is
around, many of K-Mart once loyal customers are now Wal-Mart's loyal
customers. These two stores both sell similar products and at low price. What
could be the sales tactics that Wal-Mart is using to win customers in today's
economy?
I think consumers like changes, new ventures draws new customers. I dont
think K-Mart is doing anything different form Wal-Mart. K-Mark need to
come up with new innovation that can win back their customers, because
consumers like changes
Competition
Cheryl Boyd
1/16/2013 12:16:52 PM
In my opinion, there are no business that has no competitors. Instead, there are
companies with limited and a lot of competition depending on their market niche.
Four
P and
the
Professor Anderson Anderson
four
C's
1/16/2013 4:38:09 PM
To all:
Building a good customer relationship is key to the success of maintaining a high
customer retention rate. Business fail for several reasons, one being poor customer
service.
Moreover, remember, people are not only paying for the product or service, but good
customer care as well. The four C’s and P’s of marketing are significant components
to successfully market a product or service to remain competitive.
Four Ps
represent
sellers
Four C’s
Represent the
customer
Product
Customer
solution
Price
Customer cost
Place
Convenience
Promotion
communication
How do you think you could use the four C's and the four P's when starting a
new business to produce successful outcomes.
Professor Anderson
RE:
Four
P and
Pavielle Brown
the
four
C's
1/16/2013 9:36:23 PM
The Four P's and C's are like answering the who, what, when, where, why,
and how of business ventures. By answering them you are pulling out the
most useful information about the business and also reevaluating to make
sure it is a process you want to commit to, have the resources to complete, or
if the new business is of any value at all.
RE:
Four
P
and Markeeta Robinson
the
four
C's
1/17/2013 10:07:59 AM
I agree as well. The four P'c and C's are a guide for the business
to follow to gain success. Busineses should seriously keep in
mind that customers are paying for good customer care not only
for the product or service. Many of us will stop doing business
with a company if we were treated poorly even if we like the
product. The four P's can be used to gain and maintain
customers, however, the C's are just as important both work
together.
RE:
Robert Walkling
1/18/2013 6:14:05 PM
Four
P and
the
four
C's
Well the product is for the customer to buy, if you need pool cleaning
supplies you have price advantage, but then you gotta factor in how much are
you willing to lose to keep / get that customer?
Placement; if you pick a good location, you're the only pool store in the 15
mile radius and everyone has to go to you if they want to service their pool
effectively.
Promotion, are you properly using billboards and signs to explain your
product and location to the customers? Are you using an excellent source of
communication means to the customer? Example; Television and signs are an
effective way to reach adult attention for pool supplies, however, if your
message is a pool sitting idle with no action then you're just boring your
customers. Now if you have kids splashing and smiling with accessories,
you're going to draw the attention of Parents and children who are interested
in pool activities.
RE:
Four
P and
Cheryl Boyd
the
four
C's
1/18/2013 8:56:48 PM
During product research and testing, surveys can be done with potential
clients to determine how much they will pay for a product and also learn
about what customers are interested in buying. some businesses find
additional offers during this phase which is usually added to their service
lineup as complementary products or services.
RE:
Four
P and
John Scarbrough
the
four
C's
1/18/2013 9:16:22 PM
When running or starting a new business just think like a customer would and
come up with a solution like having a competitive price, go promotions to
communication sales, Pick a location that has great customer flow, and have
product that solve a problem.
RE:
Four
P and
Ddungu Wasswa
the
four
C's
1/18/2013 1:10:02 AM
When starting new business many things are taken into account and these are
mainly 4 P’s and 4 C’s which help in empowering the business. There should
be no compromise in the quality of the product and prices should be so that
very one can buy the product easily. The cost of the product really matters in
the sale. Place is another thing which should not be ignored. Place the product
in such market place where the relate products are being sold and it’s the
main market area. Promotion plays a vital role in more sales. Even customer
feedback should regularly be taken to improve the product as we know
customers are king of the market.
RE:
Four
P and
Chanel Pompey
the
four
C's
1/20/2013 12:14:36 PM
I can use the four P's to consider who I want to purchase my products from all
depending their price, there location, how well they are known for good
quality products, and the products they offer. I can use the four C's to
determine how much my customers would want to pay for my products, how
convenient the location of my business is, how I communicate my products
and business to my customers, and how I find solutions to my customers
concerns, needs, and wants.
RE:
Angela Warner
1/20/2013 3:20:00 PM
Four
P and
the
four
C's
The 4 C’s encourage or enforce the 4 P’s in that it helps you to maintain customer
expectations (wants and needs) through your product or service. The 4 C’s and 4
P’s will work as a guide that will allow you to focus on your customers while deciding
when, where, why, and how to do your business.
The product needs to be quality and something that the customer needs and
values. The price should be set based on resources and other factors to make the
product or service and should be of a reasonable to cost to the customer. The place
needs to be in a visible high traffic area so that consumers can see it and it is
conveniently reachable. The promotion is how the product can be communicated to
the customer.
RE:
Four
P and
Timothy Middleton
the
four
C's
1/20/2013 9:22:01 PM
My idea has to do with an everyday asset that most people have. The need is
for people to keep that asset in working condition while keeping costs down. I
would bring convenience to the market and provide a service that allows
people to bypass a traditional monopoly by doing the work themselves.
RE:
Four
P and
Zhe Zhang
the
four
C's
1/19/2013 8:52:19 PM
In my opinion, the four Ps could be considered as the hardware, the four C's
are the software. For example, when you have the product, you may need to
do researches on customers, and then you can finally sell your
product effectively. When you figured out the price that your could gain the
profit, you need to think about how the customer would react on the price.
The place you looking for must consider if the customers will take the
convenience. When you have the plans of promotions, you need to find the
communications to reach your customers.
RE:
Four
P and
Shiloh Motley
the
four
C's
1/19/2013 9:14:57 PM
you would need to have the right product to sell at the right price. The shop
would have to easy to get to in the right location and you would want to
promote your place and product in the paper or on tv. The ad would have to
be directed at the right customer. All of the P's and the C's makes for a good
start if used correctly but there are no promises nothing is a 100 percent.
Business with
no
Keisha Key
competition
1/16/2013 5:27:05 PM
There is no such thing in today time of no competition. Economically most successful
business are coat tail riders or trend setters. For example, the increase of home
security technology has advance to the point of you being able to monitor your home
from your cell phone. This trend has been pickup by AT&T and Comcast two major
technology companies that refuse to be left behind. In other words, the moment a
business introduces a new idea the good competitor is lurking to transform it to it's
own.
competition
Andy Jian
1/16/2013 7:33:40 PM
I don't believe that there are any businesses that have competitors. All businesses have
some what of a direct and even indirect competition out there somewhere.
Competition is a good thing because it provokes ingenuity and innovation to strive
and be better. Whether that is to create and improve products and services or to just
have to drive to compete for consumers loyalty. Competition is also beneficial to the
consumers since it allows them to have various choices for the goods that they seek to
purchase.
competition
Abbigail Hjerpe
1/16/2013 8:32:14 PM
I do not know of any business that does not have some sort of competition. I mean
you go to the grocery store and it is a prime example of competition. You can start
anywhere but I will choose dairy. Milk has a few name brands then typically a store
brand. It is the same with cheese and yogurt. Then lets go with peanut butter there is
name brands, then store brands, then there are off brands. Around where I live the off
brands are best choice or always save. Then there are even different types not just
peanut butter but almond butter and natural options. This is just one place where there
is a very wide variety of competitors. Another example is the pharmaceutical
companies. There is one incredible drug that comes out and it is super expensive then
another one comes out. The other one may cost much less but it may have higher or
more risky side effects. But they both treat the same problem if not the same then
close to it.
No
competitors
Angela Warner
1/16/2013 10:43:06 PM
I can't currently think of any recent businesses that have no competitors, however
there have been several businesses that started out as the only business of its kind
(Monopoly) before others jumped on board. Netflix is a perfect example because it
was the first to stream movies and has a movie rental business through the
mail. Every business has competitors at some point in time during the duration of the
company’s life. In a case where competition does not exist, the consumers are subject
to pay higher prices and have fewer choices. The company will not have to be as
innovative or reduce costs.
Identifying the
Adrian Jacobo
Competition
1/16/2013 11:52:46 PM
Every business has competitors. You can call the government a monopoly, but you
still have a choice in governments by moving to another country. Its all about supply
and demand. You can have a great idea. But if the supply and demand factors are not
met, then there is no point to trying to sell a product that people don't want to buy.
One good example is that they had a for of texting in the late 90's. Nobody used it and
people thought it was dumb. The demand was not there for the technology because the
timing is wrong. However, today it is a different story. People build relationships off
of texting. Texting is a big part of society's culture today.
New
Question:
Professor Anderson Anderson
1/17/2013 10:53:46 AM
To all: New Question
If others are already in your proposed business, on what basis will you
compete?
Professor Anderson
RE: New
Question: Stephen Verbeke
1/18/2013 5:45:21 PM
I would shadow these businesses and find out why they have been
successful. I would also determine things they are doing wrong and find out
the best way they could improve themselves. Studying the competition can
be extremely useful in starting your own business and help you stay
competitive. I would do everything they were doing right and then with the
things they were doing wrong I would do them better. This should give a
slight edge over the competition because the better business should stand out
to the consumer giving them more attention and sales. I would also look into
a pricing strategy and try to have lower costs than my competitors so I could
sell the same things cheaper.
RE: New
Question: Schnae Camarillo
1/17/2013 11:33:36 PM
My concept is a new alternative fuel method. For me this is rather tough
because there are already so many different forms of alternative fuel readily
available on the market today. Within the geographical location that I would
like to set my business there is already six different kinds of alternative
businesses in the same location. But those businesses all offer different forms
of alternative fuels. I plan to create a new form without using oil my concept
will be the first of its kind.
RE: New Professor Anderson
Question: Anderson
1/19/2013 5:34:31 PM
Hello Schnae, Keisha, and all
I appreciate your comments
Sometimes advertisement could lead to
diminishing sales. False advisement, claiming
your product or service does something that it
does not do could totally destroy a business. In
addition, marketing to the wrong target group
could also be damaging to sales. If you are
trying to sale fur coats in a very unprivileged
area your advertisement would be useless.
Good Marketing strategies include proper
research. Knowing your target market and
finding a good location is key to successful
outcomes. In essence, good advisement
simply means developing a good marketing
and industry feasibility analysis.
Professor Anderson
RE: New
Question: Pavielle Brown
1/19/2013 9:22:38 PM
Finding a target market is one of the most essential parts of
operating a business. The feasibility analysis and proper
market reasearch will allow for a business to find the proper
market at all times. Marketing is an ongoing process that
never ends and always re-events itself as the company grows
and re-events itself.
RE: New
Question: Omar Davis
1/20/2013 4:48:03
PM
"Try to focus on a defined market segment. In some cases, it should be easy.
Perhaps you are aiming at lawyers. But if your product applies to virtually anybody,
you need to narrow things."
No matter how good of an idea you have and you want to open a business, until you
decide on your target market, the business will not likely last long. Having a great
business idea without a target market is like selling food at a discounted price to a
bunch of hungry people, but the people are 25 miles away and they don't have any
way of getting to the food.
http://www.nytimes.com/2009/09/03/business/smallbusiness/03sbizguide.html?_r=0
RE: New
Question: Ernest Raye
1/20/2013 11:51:10
PM
I agree Omar until you know your target
market your business will not be
successful. Target the people before you
sell.
RE: New
Question: Robert Walkling
1/20/2013 12:09:40 AM
Stephen and Schnae
I like both of your answers,
I think I would focus on quality, even if the other competitor was
good at it. I would probably try to match them in every way possible.
If I can't, then I would probably gear my business towards
specializing in a specific task and begin expanding outward towards
other tasks and functions that I would want or can do. If I ran a
business that specialized in car oil and my competitor was Pep-boys,
I'd try to look focus on a specific thing that out does Pep-boys'
service. I'd also likely partner with surrounding competitors to Pepboys so that all of us can reduce our prices when compared to Pepboys.
RE: New
Question: Keisha Key
1/18/2013 9:13:07 PM
The first thing to consider is what can my business to better than the other
business. This of course would force me to consider doing things differently
or creatively and pioneering things which could pose so additional risk. To
further compete I would engage my customers through survey to chart the
new transitions to identify what else could be done to keep them happy within
budget and reason.
RE: New
Question: Dale Smith
1/17/2013 11:40:23 AM
I have proposed to start a Strategic Consulting company and there are
definitely other players in this business in the greater Washington DC
area. However, most of these companies are high end and concentrate on
assisting very large companies like Boeing, SAIC, etc. We plan to team with
new companies trying to penetrate the Federal market with new technology -the so-called low hanging fruit. We feel we have an advantage over the other
large consulting companies as we are able to establish a more personal
relationship and we can charge lower rates as we have virtually no overhead.
RE: New
Question: Christine Elwonger
1/17/2013 4:16:41 PM
Professor; Uniqueness and customer care. I do plan to open a business in a
very touristy area, but the area also draws a lot of locals. My plan, to gain me
the competitive advantage, is to introduce the areas to a concept that is new to
them (not new to the industry in general – but new to the general area). I
have noticed that advancements in customer care/customer service is a
growing trend. I don’t want that to be something that I neglect. If I want
repeat business even with tourists, I want to offer them something worth
coming back to.
RE: New
Question: John Claudio
1/18/2013 11:51:14 PM
I'm with you Christine when it comes to customer care. I plan to
open up my custom guitar shop and I truly believe that returning
customers and those that are satisfied with your product will always
carry your name to other possible future customers. I think
sometimes we tend to over look the customer care aspect of a
business. After all it's your customers that will carry any business.
RE: New
Question: Angela Warner
1/17/2013 5:10:47 PM
I agree with Christine, you have to find something that makes your
business unique or separate from others. The most important thing
for a small local business should be customer service. You can try to
build a personable relationship with your customers so that they will
want to come back and do business with you again.
Some things that can make your business unique are:
(1) Selection: Try to offer a larger selection of products or services
that other stores don't offer.
(2) Customer Service: Let customers know that you are always there
to help them with whatever they need.
(3) Location: Try to find a place that will make it easier for
customers to find and/or access your services.
(4) Knowledge: Know as much as you can about your products or
services so that you can provide the best possible service before and
after the sale.
(5) Price: Offer the lowest price for your product or service or
having occasional sale and clearances can bring in bargain shoppers
that appreciate a good deal.
RE: New
Question: Omar Davis
1/17/2013 6:43:34 PM
As far as opening a business in a very touristy area, I believe that you
should work twice as hard as the normal/traditional business. In this day
and age, you can take advantage of the world wide web and reach out to
potential customers before they even arrive. If you are able to do this,
you will be able to get a head start not only with them, but also their
friends. Everytime I go to a new country or city, one of the first things I
do is reach out to one of my friends that have visited there and they play
a major role as to my decision making, i.e. where to shop, eat, lodge.
RE: New
Question: Christine Elwonger
1/18/2013 8:27:23
PM
Omar, I sorry, but I have to disagree with your
statement that one should work twice as hard in the
tourist area over a normal/traditional area. If my
business is a restaurant (for example), I have to
satisfy my customer once and only once, unless
they vacation in the same spot every
year. However, in a traditional setting, you must be
extremely consistent because a neighborhood
restaurant will fail lickity-split if word spreads that
your meals are not up to par. Now having said that,
I must clarify that I do not plan to open a business
where my product/service is below par or
inconsistent.
RE: New
Question: Andy Jian
1/17/2013 6:52:53 PM
I would compete on the basis of our quality of customer service. I feel that
returning customers exists when they are truly satisfied with their purchases
and the amount of care that's been provided to them by the seller of the
products. So above all else, I would compete for the quality of customer
service and satisfaction.
RE: New
Question: John Scarbrough
1/19/2013 9:29:51 PM
By creating a unique product and atmosphere to have better service to the
customer and to make them want to come back and recommend my business.
RE: New
Question: Andy Jian
1/20/2013 9:27:27 AM
Customer service is extremely vital to the success of a business. One
negative experience can ripple out and affect the quality of your
business because word will spread and turn off potential customers.
RE: New
Question: Markeeta Robinson
1/19/2013 5:37:43 PM
Modified:1/19/2013 6:18 PM
I will compete by focusing on the key features that my product or service
provides. I will make sure that my strengths stand out that set my
product and services apart from the competition. I would highlight the
key features about my product. I could also compete by using pricing as
well.
RE: New
Question: Ddungu Wasswa
1/19/2013 9:59:32 AM
When starting a business there will be lot of competitors who are doing the
same business and selling the same products by giving wide variety of
products and different types of models can help to compete in the
business. Always have good contacts with a company or an organization and
from there only you will get lot of customers. Always giving more value to
the customer as customer is only the king of the market and decides the value
of the product so that many people can buy them easily by displaying the
photo of the product can enhance the publicity of the product and hence
competition becomes good.
RE: New
Question: Cheryl Boyd
1/19/2013 5:21:17 PM
One can compete on price, fees, support, delivery and service quality. For
example, a sit down restaurant may have a competitor offering similar meal
plans but they set themselves apart by offering take out services or catering
services. Eating is an important part of survival for people, however,
companies can have a greater advantage in demand based on their deliver
offers. Eat in, take out, catering, formal dining, buffet, all you can eat, happy
hour etc.
RE: New
Question: Pavielle Brown
1/20/2013 10:17:10 PM
There are not many competitors in the field my business services. That being
so I still plan on building a competitive edge for my company. By providing
pristine service as well as building relationships with my clients. In the
industry that I am entering in the most important part of any businesses
success is establishing long lasting relationships with those you come in
contact with.
RE: New
Question: Damion Graves
1/20/2013 10:56:54 PM
I would try to find a great location which has played a huge part in the
success of company.
Another will be to keep up with my software updates to stay moving swift in
the competive game.
For most the information And company message I push will be avalible and a
constant agenda for my company .
RE: New
Question: Deborah Colbert
1/20/2013 9:05:10 PM
Most of the times, large businesses are too busy managing their own operations
to notice a small change in business conditions. Large businesses will laugh at
small competitors and their products and are not too much worried about them. If
you can put your products at those segments or areas where large competitor is
absent or does not care about, you have much better chance of success.
http://aks-blog.com/2011/03/11/how-to-compete-with-large-companies-and-
make-your-mark/
RE: New
Question: Shiloh Motley
1/20/2013 5:06:17 PM
I would want to have different or larger variety of products to sell at a
reasonable price. With the hopes to pick up business. I shop many stores both
big and little and if i see something i like i get it. I feel like most people shop
the same way. I just need to be a little different than the others.
Identifying the
Celeste Harrell
Competition
1/18/2013 1:01:20 AM
All businesses have competitors even those that claim to not have any. The website for the
Federal Trade Commission explains the importance of competition. To summarize they
say that competition is good for the economy. If there was only one apple grower the apple
grower could make the price as high as he wanted, because he has not "incentive" to offer
a lower price. According to the website "competition makes our economy work."
The website tutor2u talks about the benefits of an competitive market. Competition
impacts more than the relationship between businesses, it impacts the economy as well.
Tutor2u outlines these important factors as "gains" involving competition, these are the
benefits of competition.
1.
2.
3.
4.
5.
6.
7.
Lower prices for consumers
A greater discipline on producers/suppliers to keep their costs down
Improvements in technology – with positive effects on production methods and costs
A greater variety of products (giving more choice)
A faster pace of invention and innovation
Improvements to the quality of service for consumers
Better information for consumers allowing people to make more informed choices
The overall impact of increased competition should be an improvement in economic welfare.
If you visit these two websites and discover something more can you please share it with
me?
http://www.ftc.gov/bc/edu/pubs/consumer/general/zgen01.shtm
http://www.tutor2u.net/economics/content/topics/competition/competition_importance.htm
RE:
John Claudio
1/19/2013 9:50:20 PM
Identifying
the
Competition
Good information Celeste, thanks. The statements that stick out for me are 7,
6 and 1. For statement 7 I would say that today people arm themselves with
so much knowledge on the product they plan to purchase that I think the
information is out for them to make the right choice for themselves.
Statement 6 is a must when it comes to customer care. I think it is the bread
and butter of any business be it small or large. Quality customer care for any
business can only a positive tool so you can't go wrong for having it if your
maintain it. Lastly, statement 1 deals with lower prices for customers. That
will always draw in the crowd. My only thing that I've always wondered is
that at what point does a business compete with other while lowering their
prices and at the same time maintain a profit. I guess that's where the research
comes in for that business that wants to stay a cut above the rest of its
competitors.
RE:
Identifying
Celeste Harrell
the
Competition
1/19/2013 10:41:01 PM
John, I was reading from the text Effective Small Business Management, an
Entrepreneurial Approach, by Norman M. Scarborough I was reminded of what I
read when you
spoke about competing based on price, this is what I learned, when it comes to
creating a strategy for competing. It was discussing competitive strategies and
said,
There are many strategies from which an entrepreneur can choose, however,there
are three basic strategies. In his classic book, Competitive Strategy, Michael
Porter defines three strategies: (1) cost leadership, (2) differentiation, and (3) focus
(Scarborough 56) (I own this book by the way pick it up)
.
Scarborough, Norman M.. Effective Small Business Management VitalSource
eBook For DeVry University, 10th Edition. Pearson Learning Solutions.
<vbk:9781256323235#outline(6.3.7.2)>.
http://smallbusiness.chron.com/key-planning-factors-competitive-successbusiness-602.html
RE:
Identifying
Keisha Key
the
Competition
1/20/2013 5:47:41 PM
Celeste, I agree that this was some good information that
you have provided defintely vital to having a successful
business when there is competition. As a consumer I do care
a lot about the price for the type of quality. Number 6 and 7
hit it on the head in any great business you have to arm your
self with the information that your customer might know and
might not to secure the competitive edge.