Chapter 8 What’s Your Competitive Advantage. Product vs. Service Product: Tangible –List Examples Service: Intangible –List Examples.

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Presentation transcript:

Chapter 8 What’s Your Competitive Advantage

Product vs. Service Product: Tangible –List Examples Service: Intangible –List Examples

Competitive Advantage What is your strategy for beating the competition. What can you do better than your competition.

Competitive Advantage Six Factors Quality Price Location Selection Service Speed/Turnaround

Naming Your Businesses First Impression Keep it Simple: The Best Name is one that tells customers what the company does, sells, or makes. –Examples: Federal Express, America Online, Burger King, Microsoft

Money is not enough… “I don’t make movies to make money; I make money to make movies.” – Walt Disney

What is the value of your time? Opportunity Cost - What did you sacrifice or give up to get something else –Example: Going to Work vs. Going to a Party

Philanthropy Philanthropy is when people express their concerns for social issues by giving money, time or advice. Foundations – nonprofit organization that uses donated money to help others.