by TheBusinessProfessor | Feb 23, 2025 | Strategy, Entrepreneurship, & Innovation
What is Strategy? Strategy is an orientation toward specific goals or objectives. Strategy is carried out through a plan of organized actions. Developing a strategy or strategic plan involves research and planning. Various Components of Strategy In the simplest terms,...
by TheBusinessProfessor | Feb 23, 2025 | Strategy, Entrepreneurship, & Innovation
How to Concept Test Your Idea?Early in the idea evaluation phase, you should work diligently to concept test your business idea. This means questioning whether the business idea will make sense conceptually to the intended customer(s). It involves identifying the...
by TheBusinessProfessor | Feb 23, 2025 | Strategy, Entrepreneurship, & Innovation
What are Porter’s Generic Strategies? Porter’s Generic Strategies is a group of four categories of competitive strategy: Differentiation, Cost Leadership, Focus (Cost), Focus (Differentiation). How was Porter’s Generic Strategies Developed? The study...
by TheBusinessProfessor | Feb 23, 2025 | Strategy, Entrepreneurship, & Innovation
What is Bowman’s Clock? Bowman’s clock is a model of competitive strategies that expands upon Porter’s Generic Strategies. How was Bowman’s Clock Developed? Porters Generic Strategies have been the subject of considerable student and expansion...
by TheBusinessProfessor | Feb 23, 2025 | Strategy, Entrepreneurship, & Innovation
What Strategy to Pursue? Choosing a competitive strategy is not as simple as setting a course and following it. Rather, you have to take into account all of the internal and external conditions of your business and the industry. Perhaps a market exists for a...
by TheBusinessProfessor | Feb 23, 2025 | Strategy, Entrepreneurship, & Innovation
How to Use the TOWS Analysis?The SWOT analysis focuses primarily on the internal business. A variation of SWOT, known as TOWS uses the same factors as the SWOT analysis, but take a primarily environmental look at external opportunities and threats. These threats and...
