BIS WEEK 4-6

BIS WEEK 4-6

1. Competitive Advantage

   • Toy story
     • Simple but effectetive
   • Five Forces that Shape Industry Competition
     • 1. New Entrants 2.Rivalary firms 3. Substitues 4.Bargaining power of firms 5. Bargaining power of consumers
     • Competition is good for consumer as it could mean inovation lower prices etc.

2. How to Improve Competitive Advantage

   • Buffering strategy is a messaging-based strategy that changes consumers perceptions to benefit the company’s competitive advantage
   • Bridging strategy is the act of developing relationships and formal connections with other organisations

3. Differinciated brand ie. one superior to the rest seen as better

   • Brands that have broadened the inustrys it is in
     • Ryanair selling flights, accomodation etc.
     • Tesla selling Alcohol
       • Have a competitive advantage as the product is seen to be luxurious + limited addition

4. Ending

   • Why did I find the last few weeks interesting?
     • The examples really brought the last few weeks into reality like Ryanair and Rolex and it then allowed me to think of examples that I have seen like Tesla. I also have an interest in economics and i really coukd make understanf=d og=f things that i have heard of like differinciation and Competitive advantage

5. Intro

   • Over weeks 4-6 we looked at decision making competitive advantage and Software and hardware & software as the three main topics. The one that ia have most an interest in is comptitive advantage as i like to reflect on why decisions are made in a business. I decided to reasearch competitive advantage further and thnk about examples that i know