Friday, April 10, 2020

23A – Your Venture’s Unfair Advantage

1. Social capital
  • Valuable- People working with me will have ample experience in the field.
  • Rare- To an extent, there are certain people who have credibility in the field, they just have to be found. 
  • Inimitable- To have the exact type of team as me including all the different perspectives people bring to the table.
  • Non-substitutable- Wouldn't exchange the people on my team. 
2. Simplicity
  • Valuable- Won't be a hassle for the customer to figure out how to use product
  • Rare- With all the technology today, use of products can be tricky for different age groups
  • Inimitable- A patent could be put into play 
  • Non-substitutable- Only product of its kind in the market 
3. Convenient Product
  • Valuable- It'll make the lives of people easier
  • Rare- Many products are tough to use/handle 
  • Inimitable- Hard to replicate 
  • Non-substitutable- Essential for those who work long hours
4. Maintenance Product
  • Valuable- Not much maintenance required 
  • Rare- Easy to sustain
  • Inimitable- Tough to replicate 
  • Non-substitutable- Serves the right purpose 
5. Experience

  • Valuable- Expertise in the field
  • Rare- Great team of workers who have credible experience 
  • Inimitable- Tough to match skills on team
  • Non-substitutable- Takes a whole team effort to successfully carry out protocol
6. Affordability

  • Valuable- Helpful for our target market
  • Rare- Tough to match price 
  • Inimitable- Sustainable in comparison to competitors
  • Non-substitutable- Quality isn't degraded because of convenient price


7. Customer experience

  • Valuable- Retention and word of mouth to acquire new customers
  • Rare- Truly care about giving the customer the best experience possible
  • Inimitable- Connect with customers on a personal level
  • Non-substitutable- Leave a great impression of our company with each and every customer 
8. Insurance guarantee

  • Valuable- Shows our confidence in the product
  • Rare- Not many companies match this
  • Inimitable- Ensuring our product lives up to the standards of the customer
  • Non-substitutable- Giving the customer peace in mind if anything happens to the product


9. Friendly Atmosphere

  • Valuable- Make customers comfortable to reach out and address any concerns or questions
  • Rare- Making an effort to truly interact with customer
  • Inimitable- Being authentic helps strengthen relationships
  • Non-substitutable- Making the customer feel welcome and appreciative of their business


10. Technology 

  • Valuable- Makes it simpler for people to control
  • Rare- New method that's being introduced into field
  • Inimitable- Making our product unique to our customers
  • Non-substitutable- Making it evident that our product lives up to expectations through effectively marketing


1 comment:

  1. Mohammed, I like your overall layout for your blog post. It is organized and clear that it is easily able to be followed along. The one that stuck out the most to me is your ninth point, friendly atmosphere. You mention actually making an effort to go out of your way to speak to customers, and I believe that is the difference maker to make your business successful.

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