1. I was surprised that the author said that the best way to preserve bargaining power is through innovation. Typically writers do not outright say the best and worst ways to do something and I appreciate that he did.
2. The Innovation Landscape Gap was a little bit confusing to me. After going through it and digesting it a little bit more, I understand his main points and I see how they correlate.
3. I would love to ask the author what strategies have worked best for him in the best. I would also like to ask what has been the worst strategy he has attempted to use.
4. I disagreed when the article said you can only create value for a potential customer by saving them money or by helping a cause. I think that through innovation you can save the customer time and energy and I think that is just as important if not more than money.
Showing posts with label Week 11. Show all posts
Showing posts with label Week 11. Show all posts
Friday, March 25, 2016
There's the Amazon Whisperer
My majority of our revenue drivers are going to be store purchases. We will also receive some revenue from the tea room. That can be normal tea room services, as well as when our room is rented out for special events.
We believe that the next thing our customers will want, is a floral section of the store. We plan on having a florist in-house who can make custom arrangements. This is very unusual to find in a typical boutique. This "next thing" will enhance our services because it goes above and beyond what a normal store provides. It also shows that we care about creativity and operational excellence. This also fosters customer loyalty, because we can be their one stop shop for all things pretty and feminine.
We found on Amazon a bouquet that roughly follows what we want to sell. This is a very ordinary arrangement and we want to provide very elaborate and custom flowers.
We believe that the next thing our customers will want, is a floral section of the store. We plan on having a florist in-house who can make custom arrangements. This is very unusual to find in a typical boutique. This "next thing" will enhance our services because it goes above and beyond what a normal store provides. It also shows that we care about creativity and operational excellence. This also fosters customer loyalty, because we can be their one stop shop for all things pretty and feminine.
We found on Amazon a bouquet that roughly follows what we want to sell. This is a very ordinary arrangement and we want to provide very elaborate and custom flowers.
The customer reviews are mixed, but most of them say that their flowers arrived wilted and were not as full as the picture indicates. We would make this product more elaborate and very full and only use the freshest of flowers. This would provide the customer with the best product they can get. This floral service would also separate us from the competition of normal boutique clothing stores.
Tuesday, March 22, 2016
There's My Unfair Advantage
1. Creativity is valuable because I want this store to be an experience and have a creative atmosphere. This is a semi-rare trait. Not everyone is creative and I like to think I have a unique taste and idea for this store. Creativity is not imitable because creativity is synonymous with originality and therefore is a brand new idea and not replicated. Creativity is not really a substitutable resource. In order to have a unique and visually appealing store, you need creativity.
2. Style is valuable because I will be buying the clothes that we wish to sell and will need to have an established style that I want the store to maintain. I believe that everyone has style, but some is better than others. So in some ways it is rare and substitutable but in some ways it is not. Style is definitely imitable, but you can only imitate what you see, so if other stores try to copy what I do, they will be behind.
3. Investors are very valuable. I already have a few people lined up who are willing to invest. These people are rare to have at this early in the idea stage. I guess you could replace and substitute these investors, but I already have established trust with them so to me, they are irreplaceable.
4. My Mom is a resource to me because she is my greatest support. She is super creative and loves my idea of this store and is beyond willing to help me in any way I need. She is rare because unfortunately most girls don't have a mom who is also their best friend. I am so blessed to have her. She also isn't imitable because we are the same person. Before I even tell her my thoughts she already knows what they will be, and odds are she feels the same way. You can't substitute her because she already knows what I need before I say it. You can hire someone, but they would never be as great as my mom.
5. Organization is a valuable resource to me. I am very organized and I think that will translate into great business quality. I believe that organization is rare. Most twenty-year olds would not classify themselves as organized and clean. This is imitable though because you can be taught to organize, it just won't come as naturally. Also it is substitutable because you could always hire and assistant to organize things for you.
6. Integrity is a valuable resource for me. I make decisions based on my worldview and morals first and then what would be best for me. I think that this trait is also rare for people in their twenties. This trait is immutable though because people can decide to have integrity. It is not substitutable however because if you don't do things with integrity, then you just don't.
7. Work Ethic is another strong value of mine. I am a hard worker, but I don't think that this trait is rare. I think that people are hard workers, especially when they are doing something they love. This trait is very imitable. People see someone working hard and it inspires them to work hard too. Because of this, it is also substitutable because you can always hire more people to work.
8. Instinct is a valuable trait in business. I know that I have good instincts when it comes to style and trends, but since I have never owned a business I'm not exactly sure how strong my business instincts will be. So because of this lack of experience I think this feeling is very common and imitable and substitutable.
9. Knowledge of area is a good value. I have great knowledge of the physical location and market of where I want to locate my store. I think it is rare that people start a business knowing exactly where they want it to be located. This will save us a lot of time and money when it comes to opening the store. This knowledge is imitable for anyone coming from the same area as me, but not imitable for anyone coming from out of town. This trait is non-substitutional because it is an instinct of mine.
10. My UF Degree is extremely valuable. It shows that I know at least a little bit of what I am getting into. It is also very appealing to investors. This is not rare however because over 40% of Americans have some variation of a college education. This is imitable because anyone can get a degree (however not just anyone can get one from UF, Go Gators!!!) and copy the same minor and major path as me. This is non-subsituable though because without a college degree, there is not alternative to this level of education.
Reflection: My best resource is my mom. She is the most valuable resource, she is so rare and can never be imitated and is completely non-substitutional. She will be of greatest help to me when I make this dream become a reality. She really rocks.
2. Style is valuable because I will be buying the clothes that we wish to sell and will need to have an established style that I want the store to maintain. I believe that everyone has style, but some is better than others. So in some ways it is rare and substitutable but in some ways it is not. Style is definitely imitable, but you can only imitate what you see, so if other stores try to copy what I do, they will be behind.
3. Investors are very valuable. I already have a few people lined up who are willing to invest. These people are rare to have at this early in the idea stage. I guess you could replace and substitute these investors, but I already have established trust with them so to me, they are irreplaceable.
4. My Mom is a resource to me because she is my greatest support. She is super creative and loves my idea of this store and is beyond willing to help me in any way I need. She is rare because unfortunately most girls don't have a mom who is also their best friend. I am so blessed to have her. She also isn't imitable because we are the same person. Before I even tell her my thoughts she already knows what they will be, and odds are she feels the same way. You can't substitute her because she already knows what I need before I say it. You can hire someone, but they would never be as great as my mom.
5. Organization is a valuable resource to me. I am very organized and I think that will translate into great business quality. I believe that organization is rare. Most twenty-year olds would not classify themselves as organized and clean. This is imitable though because you can be taught to organize, it just won't come as naturally. Also it is substitutable because you could always hire and assistant to organize things for you.
6. Integrity is a valuable resource for me. I make decisions based on my worldview and morals first and then what would be best for me. I think that this trait is also rare for people in their twenties. This trait is immutable though because people can decide to have integrity. It is not substitutable however because if you don't do things with integrity, then you just don't.
7. Work Ethic is another strong value of mine. I am a hard worker, but I don't think that this trait is rare. I think that people are hard workers, especially when they are doing something they love. This trait is very imitable. People see someone working hard and it inspires them to work hard too. Because of this, it is also substitutable because you can always hire more people to work.
8. Instinct is a valuable trait in business. I know that I have good instincts when it comes to style and trends, but since I have never owned a business I'm not exactly sure how strong my business instincts will be. So because of this lack of experience I think this feeling is very common and imitable and substitutable.
9. Knowledge of area is a good value. I have great knowledge of the physical location and market of where I want to locate my store. I think it is rare that people start a business knowing exactly where they want it to be located. This will save us a lot of time and money when it comes to opening the store. This knowledge is imitable for anyone coming from the same area as me, but not imitable for anyone coming from out of town. This trait is non-substitutional because it is an instinct of mine.
10. My UF Degree is extremely valuable. It shows that I know at least a little bit of what I am getting into. It is also very appealing to investors. This is not rare however because over 40% of Americans have some variation of a college education. This is imitable because anyone can get a degree (however not just anyone can get one from UF, Go Gators!!!) and copy the same minor and major path as me. This is non-subsituable though because without a college degree, there is not alternative to this level of education.
Reflection: My best resource is my mom. She is the most valuable resource, she is so rare and can never be imitated and is completely non-substitutional. She will be of greatest help to me when I make this dream become a reality. She really rocks.
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