by TheBusinessProfessor | Feb 23, 2025 | Strategy, Entrepreneurship, & Innovation
What is an Elevator Pitch?Elevator pitch is a business term used to describe a quick summary or overview of product, idea, or business venture. A derivation of the elevator pitch is the personal elevator pitch, in which an individual tells about themselves. The notion...
by TheBusinessProfessor | Feb 23, 2025 | Strategy, Entrepreneurship, & Innovation
What is Strategic Planning?Remember, strategy entails planning the orientation of company resources and activities toward achieving company goals and objectives. The process for developing a strategy is known as strategic planning. What is Strategic Management?The...
by TheBusinessProfessor | Feb 23, 2025 | Strategy, Entrepreneurship, & Innovation
What is Core Business Competency?Core competency is the primary skill or ability of a firm in the process of delivering value to the consumer. The term was coined in a research article, The Core Competencies of the Corporation, by Professors CK Prahalad and Gary Hamel...
by TheBusinessProfessor | Feb 23, 2025 | Strategy, Entrepreneurship, & Innovation
What is the Ansoff Matrix?This is a strategic plan for business growth based upon the method or manner of growth the firm pursues. It was developed by Prof. Igor Ansoff in 1957. It proposes that firms grow by offering new products (value propositions), entering new...
by TheBusinessProfessor | Feb 23, 2025 | Strategy, Entrepreneurship, & Innovation
What is a Business Growth Strategy?The most basic strategic goal of any business is growth. You may have heard the refrain, if a business is not growing, it is dying. This is true because of competition. Competitors will enter any given market until it becomes...
by TheBusinessProfessor | Feb 23, 2025 | Strategy, Entrepreneurship, & Innovation
What is Diversification Strategy?In other articles, we discussed various generic strategies to achieve growth in a given market or industry. Notably, in the Ansoff Matrix lecture, we introduced the concept of diversification as a growth strategy. Diversification is a...
