(TCO A) Select any company with which you are familiar. Define its competitive advantage. What core competencies differentiate it from the competition? Why?
In answering this question and discussing this topic with your other classmates, think about some of the topics related to competitive strategy formulation from an undergraduate business policy class that you might have taken or one strategy course you have recently taken in this program.
When answering this question with examples, ask yourself this fundamental question: "what does this organization do differently in order to seperate itself from the rest of its competition and create a product or service that is superior to others?"
Let's look at the following high performing companies:
- Chic fil-A
What do these companies do well that separates them from the rest of their competition? What could an entrepreneur learn from these companies and their strategies to form within their own small business venture?
Now let's look at the opposite side of competition and look at companies that do not perform well such as:
- Burger King
What are they lacking in their competitiveness and leadership that continues to have them falter versus their competition. In regards to innovation and revitalization of their concept, what could the management in these organizations do? What could a small business manager learn from these mistakes?