Your Venture's Unfair Advantage
Resources:
1. Unique in market
V - Very few competitors since this product is unique
R - Few products are entirely new to their market
I - Any companies that start to manufacture this product will not be the first in the market
N - There's no substitute for a new product
2. Highly driven and motivated
V - I will not give up on this product until it succeeds
R - Many people accept failure when they get setback
I - This is an intrinsic trait I have
N - No matter how good a product is if you aren't driven to succeed you wont
3. Nature of the product requires large orders at a time
V - No small orders that wouldn't bring in enough revenue to justify the costs
R - Not all products require mass orders like this one does
I - This is somewhat imitatable
N - N/A
4. Broad network of potential suppliers and partners
V - Lots of people to reach out to and expand my market reach
R - Having a good network from the very beginning is hard to achieve
I - Nobody can have your exact network and all the benefits with it
N - Human capital can't be replaced
5. Easily marketable to target users
V - Don't need to spend lots of money/time on marketing tactics
R - A lot of companies pay tons for advertising
I - N/A
N - You can't substitute cheap marketing for anything else and receive the same benefits
6. Large pool of users encouraging purchasers to invest in product (students and faculty)
V - Purchasers are more inclined to buy product if they're being pressured into it
R - Not many markets have large users who don't actually purchase the product
I - Since there are lots of people who want the product the purchasers have a unique position
N - It's hard to copy this type of market
7. Simple and quick to manufacture
V - Keeps operational expenses low
R - Many high tech companies have lots of revenue but little profit due to the extreme operational expenses acquired from manufacturing.
I - N/A
N - N/A
8. Ecofriendly
V - Encourages purchasers to buy this product because it doesn't add to their electricity usage
R - N/A
I - N/A
N - N/A
9. Work force of young enthusiastic recent graduates who can connect to students we're trying to reach
V - Being able to relate to the users makes them more inclined to want and use the product
R - Many companies that are old and well established are out of touch with their younger audience
I - Unless you're a new company it's hard to just completely restaff with young professionals
N - Connecting with the market brings lots of attention to the product.
10. Flat company structure encouraging productivity and communication
V - Never getting stuck in hierarchical ways of doing things.
R - Few companies are structure in this way as it's a relatively new structure for businesses
I - N/A
N - The level of cooperation and innovation achieved with a flat structure is much greater than a typical business set up.
I think my top resource is my young workforce. We are marketing this product to the students and faculty of the school so "old school" marketing techniques wont work well. College students are an entirely separate market from other regular markets and in order to succeed with them you need employees who understand how they think and what will work best for them.
1. Unique in market
V - Very few competitors since this product is unique
R - Few products are entirely new to their market
I - Any companies that start to manufacture this product will not be the first in the market
N - There's no substitute for a new product
2. Highly driven and motivated
V - I will not give up on this product until it succeeds
R - Many people accept failure when they get setback
I - This is an intrinsic trait I have
N - No matter how good a product is if you aren't driven to succeed you wont
3. Nature of the product requires large orders at a time
V - No small orders that wouldn't bring in enough revenue to justify the costs
R - Not all products require mass orders like this one does
I - This is somewhat imitatable
N - N/A
4. Broad network of potential suppliers and partners
V - Lots of people to reach out to and expand my market reach
R - Having a good network from the very beginning is hard to achieve
I - Nobody can have your exact network and all the benefits with it
N - Human capital can't be replaced
5. Easily marketable to target users
V - Don't need to spend lots of money/time on marketing tactics
R - A lot of companies pay tons for advertising
I - N/A
N - You can't substitute cheap marketing for anything else and receive the same benefits
6. Large pool of users encouraging purchasers to invest in product (students and faculty)
V - Purchasers are more inclined to buy product if they're being pressured into it
R - Not many markets have large users who don't actually purchase the product
I - Since there are lots of people who want the product the purchasers have a unique position
N - It's hard to copy this type of market
7. Simple and quick to manufacture
V - Keeps operational expenses low
R - Many high tech companies have lots of revenue but little profit due to the extreme operational expenses acquired from manufacturing.
I - N/A
N - N/A
8. Ecofriendly
V - Encourages purchasers to buy this product because it doesn't add to their electricity usage
R - N/A
I - N/A
N - N/A
9. Work force of young enthusiastic recent graduates who can connect to students we're trying to reach
V - Being able to relate to the users makes them more inclined to want and use the product
R - Many companies that are old and well established are out of touch with their younger audience
I - Unless you're a new company it's hard to just completely restaff with young professionals
N - Connecting with the market brings lots of attention to the product.
10. Flat company structure encouraging productivity and communication
V - Never getting stuck in hierarchical ways of doing things.
R - Few companies are structure in this way as it's a relatively new structure for businesses
I - N/A
N - The level of cooperation and innovation achieved with a flat structure is much greater than a typical business set up.
I think my top resource is my young workforce. We are marketing this product to the students and faculty of the school so "old school" marketing techniques wont work well. College students are an entirely separate market from other regular markets and in order to succeed with them you need employees who understand how they think and what will work best for them.
I think you did a good job giving the information needed for this assignment but you did not give very much detail or defend your claims. I guess that was not necessary through what was asked of you but, I think that it would add more depth to this assignment and help you break down what is most important to you.
ReplyDeleteI believe that you did a great job on this blog post. I liked how you outlined the different VRIN, and for the ones that did not apply, instead of trying to make something up, you wrote N/A. I also agree that a young workforce is crucial in the success of your business. If you are marketing to a younger population, it is better to have workers that have similar traits and thoughts to your customers, one important one being age. Younger workers will be able to target the marketing strategies to the target market with more ease than an older workers.
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