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Chapter 8 What’s Your Competitive Advantage. Product vs. Service Product: Tangible –List Examples Service: Intangible –List Examples.

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Presentation on theme: "Chapter 8 What’s Your Competitive Advantage. Product vs. Service Product: Tangible –List Examples Service: Intangible –List Examples."— Presentation transcript:

1 Chapter 8 What’s Your Competitive Advantage

2 Product vs. Service Product: Tangible –List Examples Service: Intangible –List Examples

3 Competitive Advantage What is your strategy for beating the competition. What can you do better than your competition.

4 Competitive Advantage Six Factors Quality Price Location Selection Service Speed/Turnaround

5 Naming Your Businesses First Impression Keep it Simple: The Best Name is one that tells customers what the company does, sells, or makes. –Examples: Federal Express, America Online, Burger King, Microsoft

6 Money is not enough… “I don’t make movies to make money; I make money to make movies.” – Walt Disney

7 What is the value of your time? Opportunity Cost - What did you sacrifice or give up to get something else –Example: Going to Work vs. Going to a Party

8 Philanthropy Philanthropy is when people express their concerns for social issues by giving money, time or advice. Foundations – nonprofit organization that uses donated money to help others.

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