Entrepreneurship: Strategy and Hardware Store

114) Assume that you ar a consultant to a tiny independent ironw ar store in a town where a sell giant such as Wal-Mart, Kmart, or Target is about to open. The large retailer sells many of the same items the small hardware store sells, but at overthrow prices. What advice would you offer the owner concerning the hardware stores schema?Explain.In order to keep being alive in a bigger and stronger competitor , the owner of every small note mustiness create and develop a real competitive advantages and point of cleverness and differentiation , that will keep him onward from any giant competitor deal Wal-Mart.A supremacyful strategic plan must be developed , converting the factors making this cable considered as a small transmission line to be the point of strong suit and success . Small Business has fewerer increase lines , well defined database and can serves in such a specific geographic area , unless it has several branches , and at that m , he can get valuable i nformation and accurate needs of the nodes through with(predicate) close relation and close contacts with guest , this is what is not available that easy in a mass retailer desire Wal Mart .117) assume you own a small print shop. Who are your competitors and wherefore is it important for you to monitor your competitors activities? Describe at least five techniques you world power use up to monitor competitors strategies and sues ethically and inexpensively.Specific techniques that I might use include Asking customers and suppliers talk of the town to employees Attending trade shows Buying competitors products (benchmarking) Obtaining commendation reports Visiting competing businessesMini-Case 3-1 Finding a rivalrous AdvantageCopreneurs Ed and Yolanda recently opened a vintage used railroad car mussiness called flushed Lane. They sell antique and collectable cars on consignment for the owners at a fee of 30 percent of the tradeing price. The price is further reduced by 10 percent if a occurrence car is not sold at heart the first gear 30 days. One of the first customers convinced Yolanda that this was the only fair social function to do, and in an effort to provide something for the salute conscious buyer, she provided what she thought was excellent customer service and implemented the idea.Ed and Yolanda feel Cherry Lane has an ideal location. It is located next to the citys baseball stadium, alongside the freeway in the center of all the other car dealerships. Although Cherry Lane has significant origination traffic, most people never dupe offers to buy.In an effort to increase sales, Ed and Yolanda are working on a impudent marketing strategy that they believe should be quite different from the shotgun come near they had been using over the last few months.Ed and Yolanda should follow these nine steps tonicity 1 stool a eliminate vision and convert it into a lifelike mission statment. tonicity 2 abbreviation to get the company w eakness and strength points Step 3Scan the milieu for significant opportunities and threats facing the business. Step 4Identify the key factors for success in the business. Step 5Study the market & analyze the competition.Step 6Create company goals and objectives. Step 7 enunciate strategic options and select the appropriate strategies. Step 8Translate strategic plans into action plans. Step 9Accurate controls.The supra steps are a unbroken process that will keep keep from the beginning and will never ends.