23A – Your Venture’s Unfair Advantage

Resources:


  1. Product will be readily available and of use to all members
  • Valuable: Versatile, does not apply to only one group 
  • Rare:  Not yet invented
  • Inimitable: Not difficult to copy
  • Non-substitutable: Only resource that can provide these benefits
      2. Product would be quick to implement 
  • Valuable: Revenue from product would be generated fast, time to revenue ratio low
  • Rare: Not very rare
  • Inimitable: Difficult to copy exactly
  • Non-substitutable: Could be substituted with another method of implementation of the service (i.e. website/virtual form)
      3. Little/no cost to produce
  • Valuable: Would not cost company anything/ no major consequences of product
  • Rare: It would depend on how you market and produce the product
  • Inimitable: Could be copied in an inexpensive manner
  • Non-substitutable: Cannot be substituted
      4. Strong social media presence 
  • Valuable: Would make marketing/promotion of service easy 
  • Rare: Takes time to build a following 
  • Inimitable: Doesn't directly present the service, unique to company
  • Non-substitutable: Could be substituted 
      5. No cost to customer 
  • Valuable: Shows loyalty/care for customers, allows company to stand out
  • Rare: Services like this not often present in other companies
  • Inimitable: Could be copied once released
  • Non-substitutable: Hard to substitute
      6. Could replicate service for other businesses (social capitol)
  • Valuable: Could generate extra revenue/presence for company
  • Rare: Connections unique to company
  • Inimitable: Social capitol cannot be replicated 
  • Non-substitutable: Could be substituted, but would be difficult
      7. Large market in place
  • Valuable: Won't be difficult to market
  • Rare: Not very rare to other companies with memberships
  • Inimitable: Members are unique to company
  • Non-substitutable: Pre-existing members will give best results 
      8. Positive customer feedback
  • Valuable: Will show value in service/past success
  • Rare: Unique to customers' experience 
  • Inimitable: Feedback cannot be replicated
  • Non-substitutable: Hard to substitute
      9. Staff to lead layout and design of survey 
  • Valuable: Will be necessary in order to successfully implement service in an organized manner
  • Rare: Ideas unique to staff
  • Inimitable: Could be replicated by another company
  • Non-substitutable: Need staff with specific skill sets
     10.  Staff to carry out service and match gym 'buddies' 
  • Valuable: Ensures longevity/ maintenance of service
  • Rare: Not very rare
  • Inimitable: Could be copied by staff of another company
  • Non-substitutable: Requires minimal skill 

I believe my biggest resource is allowing the service to be no cost to members. This is extremely valuable to the market because it allows my company to stand out among all competitors. It shows loyalty and care because it is not a direct revenue generator, although indirectly it will be beneficial in that way because it will allow the company to have a larger value than others. This will attract new members and ultimately increase profit. 






Comments

  1. Michael FruitApril 12, 2020 at 4:45 PM

    Hi Taylor,

    I really enjoyed reading your blog on your unfair advantages. I thought that the top resource you chose is very important because a no cost to customers will draw a bigger crowd of people. Also, people will be more willing to try out your service because it will be at no cost to them. I also think the resource you chose pertaining to low costs to produce is important. It is reassuring that you would not have to put up any capital or funding to launch your service.

    ReplyDelete
  2. Jack KuehlerApril 12, 2020 at 8:23 PM

    Hi Taylor,

    I had a great time reading through your blog post about your venture's unfair advantages. I agree with you that positive customer feedback is very important in creating a brand or image for your company. Having a large market in place is also necessary for almost any new company to thrive. I like how you said that your biggest resource would be allowing the service to be no cost to customers. A service like this one would become unbeatable with a plan like this. Great post!

    ReplyDelete

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