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Presentation/PPT
27/08/2022
Part 1. Brick-and-mortar stores and online businesses have different perspectives regarding competitive advantage.
Respond to the following in a minimum of 175 words:
With their different perspectives in mind, evaluate how and why their strategies differ. What recommendations would you make to brick-and-mortar stores to capitalize on how they can compete more effectively with online businesses?
“The best part of Brick and mortar shops is the experience of being able to touch, taste, and experience their items before purchasing. This reminds me of a farmers market, Sam’s Club (when they provide samples of the product they’re trying to sell), and those that produce their own product as entrepreneurs.
As for the online store experience, it’s a complete 180. There, you will find many products with different types of shipping, prices, and a wide variety in the selection available. The prices are transparent and competitive, as there is a lower overhead cost for everyone involved in the purchase.
The Strategy for brick and mortar shop is to put the customers needs first. This allows a customer to feel like part of the business and also allows them to feel at home. Building Rapport with everyone is a crucial key to success. The face to face communication provides immediate resolution to the customer and is what every customer wants these days, immediate action. Having quality products, for some customers, is a great way to attract more customers. The best method of getting your name out to the public is by word of mouth. If someone recommends me a place for anything, out of curiosity, I am tempted to go try their product and/or service.†– Eduardo H.
Michael Porter served as a Harvard Business Professor and is an acknowledged expert in business and management. His competitive strategies should be a consideration for any organization engaging in strategic planning. He has several models to consider to gain a better understanding of competition and possible organization blind spots (Wheelen & Hunger, 2010, p.134).
Dr. Porter advocated that each organization chooses a primary Generic Strategy (aka competitive advantage). These are either- cost leadership (doing business more cost effectively than competitors), differentiation (offering something unique, special, or different to the consumer), or doing one of these two things to a specific niche consumer group (such as “Babies-R-Us,” a Lamborghini dealership, or some other very targeted audience).
As you look at organizations this week, try to determine their competitive advantage. Is it cost leadership (maybe applies to Dollar General or Wal-Mart)? Is it differentiation (perhaps Apple or Lexus)? Or a niche group?
Wheelen, T.L., & Hunger, D. (2010). Concepts in Strategic Management and Business Policy Achieving Sustainability (12th ed.). Retrieved from The University of Phoenix eBook Collection database.
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