...Identify Your Competitive Advantage Desiree Davis Strayer University BUS100(Intro to Business) Professor Grady Meeks 10/28/13 Identify Your Competitive Advantage Many business organizations seek to have the competitive advantage over its competitors. What is Competitive Advantage? Competitive Advantage is when an organization is more successful than its competitors. It is what equips a business organization to succeed and better satisfy the needs of consumers. In the United States we operate off of an economic system called capitalism, or free market system that is based on private ownership, economic, freedom, and fair competition (Kelly, McGowen, Williams, 6th Edition 2014). In order to thrive and sustain in this market system businesses must offer the better value to their customers, or risk losing them to their competitors. In the United States competition is fierce, especially in the restaurant industry where according to the National Restaurant Association there are about 970,000 establishments. In this essay I am going to determine the competitive advantage that Chipotle Mexican Grill chain has over its competitors. Chipotle Mexican grill first opened its doors in 1993 and has since expanded to over 900 restaurants. It serves to demonstrate that food served fast doesn’t have to be a fast food experience, and offers its customers a casual dining experience that’s in line with full service restaurants. Some of the strengths of the restaurant includes its use...
Words: 780 - Pages: 4
...Assignment 1: Identify Your Competitive Advantage BUS 100 – Introduction to Business July 17, 2013 Chipotle Mexican Grill opened in 1993 by a man named Steve Ells. Ells initially didn’t intend on opening multiple Chipotle restaurants, but his goal of wanting to serve delicious food made with the finest ingredients quickly and affordably was appealing to customers, and business grew rather quickly. As business grew, Ells became more involved in finding a better way to gain fresh products and naturally raised proteins. He gained close relationships with local famers, as well as larger food distributors. The mission of Chipotle grew into focusing on food with integrity, great service, and teamwork within their many restaurants; focusing on these aspects gave them a competitive advantage in their industry. Chipotle has a lot of strengths when it comes to the success of their company in the restaurant industry. One of their main strengths is the fact that they focus on using food with integrity. A statement on Chipotle’s website is as follows, “Food with integrity is our commitment to finding the very best ingredients raised with respect for the animals, the environment, and the farmers.” That statement is powerful in today’s society. This movement towards organic, fresh, healthy products is becoming the new way people are choosing to eat. Chipotle focuses on purchasing fresh ingredients and naturally raised animals. It is important that the animals Chipotle...
Words: 1143 - Pages: 5
...Assignment 1: Identify Your Competitive Advantage Aaron M. Massey Professor Jackson BUS100 26OCT2013 During the course of this paper it is my intent to analyze the strength and weaknesses of Chipotle Mexican Grill in hopes of finding a way that the restaurant chain could boost profit and/or productivity. Chipotle Mexican Grill has many things going for them and against them since opening in 1993 (Wikipedia, 2013). To start with let’s talk about their weaknesses or things they could do better. They don’t seem to be very creative in making new products, they don’t have much of a kids menu, and they’re not that global (Wikiswot). Creating new items isn’t always a make or break thing, but they could still try some new things out every once in awhile. The kids menu is pretty weak and limited 2 soft or crispy taco’s, but not allowed to have 1 of each, three ingredients to include one meat or guacamole, really? (Chipotle, 2013). They are kids, small people; it would not kill Chipotle’s bottom line to let the kids actually pick anything they want, limiting to three items (kids’ servings). Yes, they have a few places outside of the US (France, Germany & UK), but not many, they really could try to expand more to other places like around the Asian/eastern Asia countries (Wikipedia, 2013). Enough of the bad stuff and onto the strengths of Chipotle include low prices, loyal customers, financially strong/stable, they use “green”...
Words: 491 - Pages: 2
...M4-Assignment 2: Internal Environmental Scan/Organizational Assessment https://homeworklance.com/downloads/m4-assignment-2-internal-environmental-scanorganizational-assessment/ M4-Assignment 2: Internal Environmental Scan/Organizational Assessment This section provides the opportunity to develop your course project. Conducting an internal environmental scan or organizational assessment, provides the ability to put the strategy audit together. In this module, you will conduct a comprehensive assessment of the internal environment at your business unit or organization you are working with for this project, also known as an organizational assessment, and present your findings in a report. In your report, you should analyze the operating characteristics and assets of your business unit. The SWOT model is one of the most common business tools used during organizational assessment. Another is developing a balanced scorecard based on a prescribed or planned set of performance objectives that will be measured and evaluated regularly. In this assignment, based on the external environmental scan you conducted in M2: Assignment 2 and the internal environmental scan in this assignment, you will develop a SWOT analysis and a balanced strategic scorecard. Part I: Internal Environmental Scan (2–3 pages) The internal environmental scan or organizational assessment should include the following: • Mission, vision, and values: Assess the organization’s understanding of the mission...
Words: 1140 - Pages: 5
...Porter’s Five Competitive Forces Click Link Below To Buy: http://hwaid.com/shop/porters-five-competitive-forces/ A key component of strategic analysis and planning is the assessment of a company’s competitive advantage (referred to by some as competitive position). In the article by Michael Porter, he identifies five potential sources of competitive strength or vulnerability: Existing level of competitive rivalry in the industry Buyer bargaining power Supplier bargaining power Threat of substitute products Threat of new entrants Porter’s Competitive Forces model is an extension of his earlier work on strategy (Porter, M. E., 1996). For this Assignment, use this week's resources and any outside appropriate resources to prepare a competitive analysis for an existing product and complete the following: Imagine that you are asked to provide a presentation on an organization’s competitive advantage to the organization’s board. To choose an organization, you may select your own or one with which you are familiar. Question: Submit a PowerPoint presentation (9–12 slides excluding title and reference slides, consistent with APA guidelines) that examines the competitive advantage of your chosen organization. Include the following: Describe the target market and apparent marketing mix of your chosen organization. Conduct a five forces analysis for the selected organization. Choose a competitor for the selected organization and conduct a five forces analysis for...
Words: 287 - Pages: 2
...planning, lean production, facility location, and business forecasting. Policies Faculty and students/learners will be held responsible for understanding and adhering to all policies contained within the following two documents: • University policies: You must be logged into the student website to view this document. • Instructor policies: This document is posted in the Course Materials forum. University policies are subject to change. Be sure to read the policies at the beginning of each class. Policies may be slightly different depending on the modality in which you attend class. If you have recently changed modalities, read the policies governing your current class modality. Course Materials Chase, R. B., Jacobs, F. R., & Aquilano, N. J. (2006). Operations management for competitive advantage (11th ed.). New York, NY: McGraw Hill/Irwin. All electronic materials are available on the student website. |Week One: Process Selection and Design...
Words: 2084 - Pages: 9
...The Strategic Management Frameworks Arnoldo Hax Alfred P. Sloan Professor of Management The Frameworks for Competitive Positioning Porter Resource-Based View of the Firm • The Delta Model • • Porter’s Framework for Explaining the Profitability of a Business Competitive Positioning Achieving sustainable competitive advantage Industry Structure Factors affecting industry profitability Strategy Formulation and Implementation Defining and executing the managerial tasks Elements of Industry Structure: Porter’s Five-Forces Barriers to Entry - Economies of scale - Product differentiation - Brand identification - Switching cost - Access to distribution channels - Capital requirements - Access to latest technology - Experience & learning effects Government Action - Industry protection - Industry regulation - Consistency of policies - Capital movements among countries - Custom duties - Foreign exchange - Foreign ownership - Assistance provided to competitors New Entrants Threat of new entrants Rivalry Among Competitors - Concentration & balance among competitors - Industry growth - Fixed (or storage) cost - Product differentiation - Intermittent capacity increasing - Switching costs - Corporate strategic stakes Industry Competitors Intensity of Rivalry Barriers to Exit - Asset specialization - One-time cost of exit - Strategic interrelationships with other businesses - Emotional barriers - Government & social restrictions Suppliers Bargaining...
Words: 3007 - Pages: 13
...the global market to identify opportunities to gain competitive advantage through marketing activities. 3013.1.2: Customer Relationship Management - The graduate recommends customer relationship management practices for maximizing customer satisfaction and loyalty. 3013.1.3: Evaluating Feasibility and Profitability - The graduate evaluates the feasibility and profitability of new products and services within the organization. 3013.1.4: Marketing Strategy - The graduate designs a strategic marketing plan for a new product or service. 3013.1.5: Entrepreneurial Enterprise - The graduate identifies risks and opportunities for an entrepreneurial enterprise. Introduction: Marketing managers for global organizations are often asked to evaluate the feasibility of new products and services and predict their profitability for the organization. For this task, you will select a business that would like to develop new products and services in order to attain a competitive advantage in the global market. You will first consider the products and services the company currently offers and recommend new products and services that have the most potential for profitability based on your evaluation. You will then identify the target market and consider how you would reach that market using traditional mass media and social media for the launch and beyond. For example, a natural foods company may need to begin offering an online ordering system to remain competitive. If you discover a market...
Words: 2070 - Pages: 9
...How can firms use models of analysis to understand their business environment? Discuss using appropriate examples. Organizations can use one business analysis model to analyse a section of its business or combine this with other business models to help them in the strategic planning process to gain a competitive advantage in today’s fast changing markets. SWOT and TOWS are acronyms for strengths, weaknesses, opportunities and threats. SWOT (internal-external) provides a checklist of strengths, weaknesses to minimize, uncover opportunities to take advantage of and identify threats to avoid. Whereas the TOWs matrix is (external-internal) matching internal strengths and weaknesses with external opportunities and threats provides a more in depth look at your company’s standing in its current market and gives an understanding of your competitors. External Opportunities (O) External Threats (T) Internal Strengths (S) (SO) Maxi-Maxi Strategy Use strengths to create opportunities (ST) Maxi-Mini Strategy Use strengths to minimise threats Internal Weaknesses (W) (WO) Mini-Maxi Strategy Minimize weaknesses to take advantage of opportunities (WT) Mini-Mini Strategy DEFENSIVE Minimize weaknesses and avoid threats It is important to use verifiable statements such as “Opportunities to save $10M in changing supplier” rather than “Opportunities to save will be good if we change supplier”. If the business is small it is important to know the risks and limitations in using...
Words: 1249 - Pages: 5
...how to protect and strengthen a current competitive advantage, or to create a new competitive advantage and then protect and strengthen it. The recommendations should be creative, should leverage Tesla’s current strengths and/or address Tesla’s biggest weakness, and should be supported with sound financial analysis and justification. Refer to the financial analysis provided by Paul Gregg, ASI’s CFO, and use this as your financial model for all analysis and projections. Introduction (up to 1 page) Executive Summary Please provide an executive summary in the front of the report outlining in a concise manner the most critical aspects of your analyses. Formatting for readability will be important in this section. Your executive summary should identify your most critical findings and then highlight key components of your strategic recommendation. Consider your audience here – based on your research for Tesla and the industry, what does the CEO or Chairman of the Board of Tesla need to know to achieve the company’s goals? Part 1 (2-4 pages) Identify Tesla’s current mission and analyze Tesla’s strategy In less than one page, identify Tesla’s mission. Consider all of the parts of Tesla when you reflect on the vision and mission statement. Don’t just copy the vision and mission statements, rather, paraphrase them in your own words and discuss whether or not Tesla is actually following the statements. With the remaining pages in this section, identify Tesla’s current operations specific to...
Words: 2052 - Pages: 9
...Institution in Indonesia”. To achieve this vision, the focus of Bank Mandiri’s business transformation in 2010 will focus on 3 (three) business areas, namely: Wholesale transactions, Retail deposits & payments, and Retail financing. These three focus areas are supported by the strengthened organization and the infrastructure improvements (branches, IT, operations, risk management) so as to provide integrated service solutions. In addition, the Bank is also supported by skilled human resources, constantly updated technology, prudent business practices and risk management, and a strong track record of good corporate governance. (Source: Bank Mandiri 2013 Annual Report) Question 1 a) Describe your understanding of the term competitive advantage in an industry or marketplace. Ans: An advantage that a firm has over its...
Words: 1031 - Pages: 5
...Strategic Planning & Implementation | Copyright © 2011, 2010, 2009, 2008 by University of Phoenix. All rights reserved. Course Description This capstone course integrates concepts from all prior courses in the program. Students apply the concepts of strategic planning and implementation to create sustainable, competitive advantage for an organization. Other topics include environmental scanning, strategic analysis, corporate social responsibility, implementation and evaluation, and risk management. Policies Faculty and students/learners will be held responsible for understanding and adhering to all policies contained within the following two documents: • University policies: You must be logged into the student website to view this document. • Instructor policies: This document is posted in the Course Materials forum. University policies are subject to change. Be sure to read the policies at the beginning of each class. Policies may be slightly different depending on the modality in which you attend class. If you have recently changed modalities, read the policies governing your current class modality. Final Exam The final electronic exam is an individual and not a collaborative assignment. Students are expected to abide by the University’s Student Code of Conduct policy and refrain from receiving unauthorized assistance, collaborating, or inappropriate sharing of work as it relates to the electronic exam. Information...
Words: 3552 - Pages: 15
...businesses. The information system specific functional areas are production, marketing, finance, personnel and accounting. Each of these functions requires application to perform well in each particular area. The financial information system will give Lisa and Reuben the ability to manage the process of the business financial functions such as availability and cost, budgeting for present and future cost. It will also give them the leading edge of handling multiple currencies, investment management and the ability to close their books on a short notice. The marketing function will give them the ability to market different function the club is offering by setting pricing according to their customer profile base. It will also give them the competitive advantage of...
Words: 1496 - Pages: 6
...Value Chain & Strategy: Reading Material D.M.Ravi Dissanayake Senior Lecturer, Department of Marketing Mgt University of Kelaniya Introduction Michael Porter introduced the value chain analysis concept in his 1985 book ‘ The Competitive Advantage’ . Porter suggested that activities within an organization add value to the service and products that the organization produces, and all these activities should be run at optimum level if the organization is to gain any real competitive advantage. If they are run efficiently the value obtained should exceed the costs of running them i.e. customers should return to the organization and transact freely and willingly. Michael Porter suggested that the organization is split into ‘primary activities’ and ‘support activities’. Why it needs for strategists: * To analyze internal performance of SBUs or corporate as holistic * To understand how industry goes on KPIs and to keep SBU consistent * To organize activities to support for the generic strategy * As a base line for resource allocation * Performance review guide Understanding How Value is created within Organizations How does your organization create value? How do you change business inputs into business outputs in such a way that they have a greater value than the original cost of creating those outputs? This isn't just a dry question: it's a matter of fundamental importance to companies, because it addresses the economic logic of why the...
Words: 1226 - Pages: 5
...how to protect and strengthen a current competitive advantage, or to create a new competitive advantage and then protect and strengthen it. The recommendations should be creative, should leverage Tesla’s current strengths and/or address Tesla’s biggest weakness, and should be supported with sound financial analysis and justification. Refer to the financial analysis provided by Paul Gregg, ASI’s CFO, and use this as your financial model for all analysis and projections. Introduction (up to 1 page) Executive Summary Please provide an executive summary in the front of the report outlining in a concise manner the most critical aspects of your analyses. Formatting for readability will be important in this section. Your executive summary should identify your most critical findings and then highlight key components of your strategic recommendation. Consider your audience here – based on your research for Tesla and the industry, what does the CEO or Chairman of the Board of Tesla need to know to achieve the company’s goals? Part 1 (2-4 pages) Identify Tesla’s current mission and analyze Tesla’s strategy In less than one page, identify Tesla’s mission. Consider all of the parts of Tesla when you reflect on the vision and mission statement. Don’t just copy the vision and mission statements, rather, paraphrase them in your own words and discuss whether or not Tesla is actually following the statements. With the remaining pages in this section, identify Tesla’s current operations specific to...
Words: 2024 - Pages: 9
