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Flat World Knowledge

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Submitted By katiekelley09
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1. I think the founders of Flat World Knowledge first created a mission and vision statement for what they wanted their company to accomplish. In doing this, the company was able to decide how they wanted to go about putting this mission and vision statement in place. 2. There are a couple very clear competitive advantages of Flat World Knowledge. This first being that they provide textbooks to students at very reduced prices. The second advantage is that they offer a very wide variety of textbooks. 3. The biggest strength of Flat World Knowledge is their cheap and easy access to textbooks and personalized learning strategies. One weakness was that they no longer offer free online access. The opportunities in improving their weakness include creating a convenient and cheap alternative. One major threat I see is that if a student has access to the downloadable PDF of a textbook, it would be very easy for a student to share this with other students. 4. I think the experience of Flat World Knowledge will ultimately help their success. With their experience, they would potentially be able to predict the trends of the textbook industry. Being able to predict the trends would allow them to change whatever they need to within their company to adapt. With that said, this will only help if they are able to successfully predict. If not, this could hinder their overall success. 5. I think Flat World Knowledge will use the third of Porter’s strategies, which is the focus strategy. I think that an industry such as the textbook industry is very limited and if Flat World Knowledge is able to focus on meeting the specialized needs of its customers they will be more successful. In this strategy, products and services can be designed to meet the needs of the buyers. If Flat World Knowledge employed this strategy, I think they would be able to attract more individuals in this already limited industry.

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