Identify the major costs of the following three ways to start a new business. Start-up Business purchase Franchise What do you think is best way to start up this business (creating a new business, buying an existing business or franchising a business)? Why?
Identify the resources, capabilities and core competencies that would be needed for that business.
Resources: Asset that an organization can use when formulating or implementing a strategy.
- Tangible: people, money, equipment, location, supplies
- Intangible: knowledge, patent, trademark, brand, reputation, training system
Capabilities: An organizational and management skill necessary to orchestrate a diverse set of resources and deploy them strategically. This is an intangible.
Core competencies: A unique strength within an organization that allows it to differentiate its products and services from those of its competitors, creating higher value or lower costs for its customers and itself.
Identify the major costs of the following three ways to start a new business.
Start-up
Business purchase
Franchise
What do you think is best way to start up this business (creating a new business, buying an existing business or franchising a business)? Why?
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