Strategies to sustain businesses summary table
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Competitive advantages in general StrategyEstablishGrowRepositionPositives?Negatives / Constraints?Impacts on ManagersImpacts on CustomersImpacts on employees
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Continous improvementyyyEstablish a culture of improving qualityTime and cost, change staff cultureIncreased profits, increased customersIncrease satisfaction, encourgae loyaltyIncreased training, increased satisfaction, added pressure
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Offer extended warrantiesyyyCustomer satisfaction, Customer confidence/loyaltyCost to the business - product, staff timeExtra workload, extra communication, decreased profitability through increase of wages costsMore reliability, loyalty, word of mouth advertisingMore responsibility and duties, extra training, time taken
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Quality assurance (set of guidelines)
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Increase use of technology in productionyyDecrease costs of production; increase choic/designs; beat competitors; increase qualityincreased costs in short term; increased complexity; staff resistance to changeIncreased profits in loner term, increase costs of equipment and trainig in short termIcreased choice, service and lower prices and higher qualityLearn new technologies, increase time and $ to learn, but can increase satisfaction.
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LocationEstablishGrowRepositionPositives?Negatives / Constraints?Impacts on ManagersImpacts on CustomersImpacts on employees
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Close to parkingyyyEasy for customersCould be expensive in townConvenience
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in CBDyyMore customers come past the businessCould be expensive in townConvenience; more likely to find store when walking byNeed to find a park in town; more expensive; could use public transport
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Size of premisesyyyspace suited to businessrestricted to suburbs or industrial areasNeed to go to suburb; easier and cheaper parkingMight need to travel far to work; better working conditions
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Proxomity to supplieryyyLess froeight costs; easier access to advice; quicker order timeCostly if in CBD
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Proximity to customersyyy
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OwnershipEstablishGrowRepositionPositives?Negatives / Constraints?Impacts on ManagersImpacts on CustomersImpacts on employees
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Need for capitalyyAccess to more money to start business;limited liabilityMore expensive to set up a company
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Desire for to be own bossyFollow passion ,own destiny; get all profitsLess access to capital; unlimited liability
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Need for extra skills from a partneryyComplement skills; need for employees reduced
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Starting a business from scratchEstablishGrowRepositionPositives?Negatives / Constraints?Impacts on ManagersImpacts on CustomersImpacts on employees
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Starting a business from scratchyhas freedom to follow a passion/ dream; fill a market need; provide employment; add to wealth to owners and communityHigh risk phase when starting a business; risk of failure; cash flow problems; Time needed to develop a customer baseIncrease wealth; slow to generate a profitMore choice of goods and servicesInconsistent work load; learning new job; pressure to preform in first year;
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Buying an existing business StrategyEstablishGrowRepositionPositives?Negatives / Constraints?Impact on ManagersImpact on CustomersImpact on Employees
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yyyExisting customer base
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Countering a high Australian DollarEstablishGrowRepositionPositives?Negatives / Constraints?Impact on ManagersImpact on CustomersImpact on Employees
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Buy goods from overseas , order onlineyyyCheaper to import goods as imports are cheaperLess ordes for Australain Businessesdownsizing number of employeesCheaper goods and services to buyLess jobs for locals
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Outsource jobs to South East Asia, or to set up operation overseasyyyCheaper; cut costs to wages and other servicesCheaper goods and services to buyLess jobs for locals
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Marketing to overseas marketsyyyIncrease sales
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Market to local customers, Buy Australianyyy
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Differentiating products by being more creative and innovative in product design and service.yyy
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Hire foreign workers at lower wage costsyyy
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Use of social media marketing techniquesyyy
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