Entrepreneurship: Strategy and Hardware Store

114) Assume that you are a adviser to a small independent hardware store in a town where a sell giant such as Wal-Mart, Kmart, or Target is about to open. The large retailer sells many of the identical items the small hardware store sells, but at lower prices. What advice would you offer the owner concerning the hardware stores system?Explain.In order to keep being alive in a bigger and stronger competitor , the owner of any small telephone circuit must create and develop a real competitive advantages and point of specialisation and differentiation , that will keep him away from any giant competitor comparable Wal-Mart.A successful strategical plan must be developed , converting the factors making this business considered as a small business to be the point of strength and success . Small Business has fewer product lines , well defined database and can serves in such a specific geographical area , unless it has several branches , and at that period , he can get valuable in formation and accurate needs of the guests through close affinity and close contacts with customer , this is what is not available that easy in a mass retailer like Wal Mart .117) assume you own a small print shop. Who are your competitors and why is it important for you to monitor lizard your competitors activities? Describe at least five techniques you mightiness use to monitor competitors strategies and actions ethically and inexpensively.Specific techniques that I might use include Asking customers and suppliers Talking to employees Attending trade shows Buying competitors products (benchmarking) Obtaining credit reports Visiting competing businessesMini-Case 3-1 conclusion a Competitive AdvantageCopreneurs Ed and Yolanda recently opened a vintage used car part called Cherry Lane. They sell antique and collectible cars on consignment for the owners at a fee of 30 percent of the selling price. The price is further reduced by 10 percent if a busy car is not sold within the first 30 days. One of the first customers convinced Yolanda that this was the just now fair thing to do, and in an effort to provide something for the cost conscious buyer, she provided what she thought was excellent customer service and implemented the idea.Ed and Yolanda feel Cherry Lane has an ideal location. It is located adjacent to the citys baseball stadium, aboard the freeway in the center of all the other car dealerships. Although Cherry Lane has significant buttocks traffic, most people neer make offers to buy.In an effort to increase sales, Ed and Yolanda are working on a new grocery storeing strategy that they believe should be quite different from the shotgun come near they had been using over the last few months.Ed and Yolanda should follow these nine moveStep 1 throw a clear vision and convert it into a realistic mission statment. Step 2 outline to get the company weakness and strength points Step 3Scan the environment for significant opportunities and threats face the business. Step 4Identify the key factors for success in the business. Step 5Study the market & analyze the competition.Step 6Create company goals and objectives. Step 7Formulate strategic options and select the eliminate strategies. Step 8Translate strategic plans into action plans. Step 9Accurate controls.The above steps are a continuous process that will keep continuing from the beginning and will never ends.