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Discuss how technological change creates entrepreneurial opportunities. What are some current changes under way, and what opportunities do they create?
Technology introduces many new ways of distribution and creation. The technological changes that have taken place over the years make it fairly easy for entrepreneur to redesign how the business should operate in order to outperform their current competitors. For example, Web2.0 is new forms of display ads using algorithm that not only do a better job of getting people attention but also can be tracked with laser like precision. The new breed of super smart, super targeted display ads will help entrepreneur to reach their best potential customer.
How do entry barriers influence industry attractiveness and profitability?
Ease of entry refers to how easy or difficult it is for a new firm to begin competing in the industry. The ease of entry into an industry is important because it determines the likelihood that a company will face new competitors. In industries that are easy to enter, sources of competitive advantage tend to decline quickly. On the other hand, in industries that are difficult to enter, sources of competitive advantage last longer, and firms also tend to benefit from having a constant set of competitors. In terms of profitability, low barrier are the characteristic of unprofitable market place because there are too many competition. For high barrier industry, the initial start up cost is high. Therefore, it is also unprofitable.
Discuss quality as a strategy. How can it be used to achieve sustainable competitive advantage?
Quality as strategy is refers to Total Quality Management (TQM). TQM is a management strategy aimed at embedding awareness of quality in all organizational processes. This requires ensuring that things are done right the first time and that defects and waste are eliminated from operations TQM refers to consumers as number one priority.. The implementation of TQM can produce competitive advantage because TQM requires excellent market research. With market research, companies can learn more about current and potential customers. TQM also requires an organization system, in which its complexity can be source of sustainable competitive advantage. TQM will result in outstanding quality product.
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