Summary:
Today we covered chapters 2 and 3. We discussed Smart Tea's business plan. We also covered what is meant by a competitive advantage and porters five forces. Then we went around the classroom and talked about our business project and related that to a competitive advantage.
Reflection:
Looking back at today's class Smart Tea's advantage was that they entered the market early, also knew how to market their product to consumers. Smart Tea also appeals to a wider range of customers with natural ingredients.
Thinking about the contestants on Shark Tank yesterday, the advantage of Mango Mango Mango, was that it was very good tasting, there were also few competitors that offered the same attributes as Mango. However, the production cost was too high. The phone breathalyzer, also showed a unique competitive advantage through the window of opportunity that was open for the product. With the increasing laws and no tolerance policy for drinking and driving the breathalyzer offers a special solution to this.
Thinking about my idea for an online casino. Pending government regulation, it would be the first online casino in Iowa. It would offer the unique experience of a casino in youre own home. With it being online electronic transactions would make things faster and easier. Being online also allows the casino to reach an audience throughout the state of Iowa. All of these help to create a competitive advantage over other land based casinos.
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