Conduct research on the business, gathering as much information about its strategy as possible: visit its website, search for news stories talking about the product or service, and search social media for mentions of the business. While you won’t be able to learn everything about a business’s strategy that an insider would know, you should be able to get a general idea of how the business operates and what the industry environment is like.
Choose ONE of the following questions to respond to in your initial post.
Identify the business’s main competitors. Explain how the business differentiates its product or service from those competitors’ offerings. Identify its competitive advantage. Do you think the advantage is sustainable? Why or why not?
Conduct a customer analysis on the business’s product or service. Your analysis should include ALL of the following:
Identify the target customer. Is this customer base growing or is it decreasing? What are the customer demographics (age, income, location, gender, politics, etc.)? What is the revenue of these customers? How much discretionary income do they have?
Understand the specific customer needs. Why do they buy certain brands? How do make their purchasing decisions? Do they purchase in person or online?
Show if and how the product or service you chose meets those needs.
Evaluate the environment the business is operating in based on the four factors of change discussed in your text: stability, complexity, resource scarcity, and uncertainty. Based on your analysis of these factors, advise one or two areas where you believe the business should focus its strategy in the next two years.
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