crafting a sound strategy.

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Our focus will be crafting a sound strategy. A company’s competitive strategy lays out the specific efforts of the company to position itself in the marketplace, please customers, ward off competitive threats, and achieve a particular kind of competitive advantage. The biggest and most important differences among competitive strategies boil down to:
a. Whether a company’s market target is broad or narrow
b. Whether the company is pursuing a competitive advantage linked to low costs or product differentiation.
Five distinct competitive strategy approaches stand out:
a. A broad low-cost provider strategy: striving to achieve lower overall costs than rivals and appealing to a broad spectrum of customers, usually by underpricing rivals.
b. A broad differentiation strategy: seeking to differentiate the company’s product/service offering from rivals’ in ways that will appeal to a broad spectrum of buyers
c. A focused low-cost strategy: concentrating on a narrow buyer segment and outcompeting rivals by serving niche members at a lower cost than rivals
d. A focused differentiation strategy: concentrating on a narrow buyer segment and outcompeting rivals by offering niche members customized attributes that meet their tastes and requirements better than rivals’ products
e. A best-cost provider strategy: giving customers more value for the money by incorporating good to-excellent product attributes at a lower cost than rivals; the target is to have the lowest (best) costs and prices compared to rivals offering products with comparable attributes.
Business Plan Part II
Part II Requirements
1.    Stakeholder Analysis
a.    Actual personal experience, education and training in the area/ industry of proposed business for all key stakeholders
2.    Industry Analysis
a.    A brief overview and long-term outlook for growth
b.    Review industry size, trends, and target market segment.
c.     Identify who leads the industry in terms of:
i.    Price
ii.    Quality
iii.    Market share
3.    Competitive Analysis
a.    Discuss the strengths and weaknesses of each primary competitor.
b.    Consider sales, quality, distribution, price, production capabilities, reputation, and products/services.
c.     Outline how your product or service measures in the area of pricing and identify your competitive advantage.
d.    Prepare a first-year and 3-year sales forecast in dollars and units.
e.    Briefly outline your sales and advertising plans.
Part I is attached.

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