Lastly durability is the ideal thing but not perhaps a necessity. Durability is about will it last and some business ideas can be very profitable and successful but not designed to last. As an example, a musical festival, some product for a specific celebration such as World Cup. Durability may exist in the format or management techniques of the event, which could be applied to another event.
- Cost Leadership – the emphasis is on your being the cheapest (ASDA)
- Differentiation – is where you try to make yourself different through branding, design, service, quality and new product development. This strategy can apply even with low cost companies (IKEA) or where design is the factor (Audi).
- Focus – Is the more likely option for a new enterprise. It is where you specialize either in terms of some aspect of the market. You could be a specialist in terms of geography (your local bakery) or product/service.
Now you can go onto our "How to Start a Business Course" Forum by following this link and download a Preview of their book which explains the idea in more detail. You can also buy the full book from our Amazon Store of Knowledge. Also available there is the book mentioned earlier (Deakins and Freel, 2012, Entrepreneurship and small firms)
Adding Wisdom and Spice to Business and Personal Development
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