Essay: Competitive Strategy for New Business
The different types of competitive strategies that are normally used by entrepreneurs pertain to being a defender, prospector, analyzer and reactor. The defender strives to maintain a prominent position in the market with centralized and traditionally hierarchical organization. The prospector on the other hand brings new products and services in to the market and focuses on being innovative. The analyzer copies successful innovations and builds on them to create a position while a reactor tends to have strategies which are well defined but obsolete. (Allen, 1999). The strategy which is going to be used by Steve for his new business would be analyzer strategy whereby he would be building on present innovations to create a position for his business in the market.
In order to be a successful entrepreneur, Steve will need to depict creativity, knowledge of the business, use critical thinking for making business plans and decisions as well as have undergo a value assessment for the products and service being d by the business to the customers. These are the internal factors that need to be developed on by Steve. The external factors however include the competition in the market, the product development cycles on the online medium, the quality of the products and service, the timeliness of the shipments of the orders as well s the changing technology. All these factors will direct effect the operations of Steve’s online book retail.
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