Week 11: My Unfair Advantage

1). Selection of groceries/produce- the whole idea is that there are more options to chose from for people living with dietary restrictions, assortment

V-very valuable, basis of entire business idea

R-currently yes (although future demand is likely to increase so likely to be copied by competitors)

I-can be imitated, easy to physically sell a wide variety of products

N-currently has no equivalent, closest is a normal grocery store or farmer’s market

2). Experienced/knowledgeable staff- hire employees with a high degree of familiarity about nutritional content of groceries (for example- if someone who is gluten free can eat a certain type of cereal)

V-yes, can add value by helping customers and answering nutritional questions

R-not extremely rare to have educated employees, but rare in this industry, rare to have workers at a grocery store be able to answer questions about nutritional content

I-could be imitated, but would be difficult

N-somewhat, you could potentially Google certain questions on your Smartphone but extremely beneficial to have a person on site to answer questions instead

3). Convenient location- for college students, having a grocery store on campus is ideal because of the accessibility of the physical location

V-very valuable, on campus and close to target demographic of students

R- sort of, could get location nearby but physical building/store is unique to company

I-can be copied in the sense that you could open next door or across the street

N-has no equivalent

4). Originality of business concept- currently, no grocery store focuses on the needs of people living with dietary restrictions in particular, such as being gluten free, lactose intolerant, vegetarian, or kosher, so these segments are now the emphasis

V-yes, first to the market/industry

R-yes, no one else exists in the market as of now, no competitors yet

I- competitors can imitate the idea, but we will always be first

N- has no equivalent, nothing else provides a similar benefit

5). Customer service- employees are polite and willing to answer questions, possible background in the service industry or communications

V-yes, customer service is important in any industry

R-not extremely rare, but higher quality than most

I-can be imitated to a certain extent, but not duplicated

N-no equivalent or similar service

6). Convenient hours- as college students, we are often hungry for a midnight snack, so staying open late is a major benefit that differentiates us from other grocery stores

V-yes, enables customers to shop whenever is convenient for them

R-yes, not many grocery stores or markets are open late

I-could easily be imitated, but not many people do it

N-no real equivalent, not much else open late except gas stations which is only junk food

7). Community outreach- staying connected with campus and being involved with the community we’re situated within is a major priority

V-yes, adds value, exploits opportunities

R-relatively rare, few competitors are actively involved with their community

I-can be imitated if other firms wanted to copy

N-has no equivalent, nothing else provides the same service

8). Quality of groceries/produce- ensuring there are options for fresh produce, organic fruits and vegetables, and the best brand name snack foods is essential

V-yes, exploit opportunities by providing this particular selection all together

R-not extremely rare, possessed by other competitors

I-can be imitated or copied by competitors

N-similar products of lower quality would be comparable

9). Strong organizational culture- fun workplace atmosphere, high employee morale, low employee turnover

V- very valuable, adds a welcoming environment to an already great store

R-yes, very unique and individualized to the company

I-cannot be copied by competitors, although they may try and imitate certain parts, organizational culture cannot be duplicated

N-no equivalent

10). Reputation- the accumulation of all elements working in harmony, translating the highest quality to each customer that comes into the store

V- extremely valuable, encompasses everything

R-yes, organizational culture and atmosphere is unique

I-yes, cannot easily be copied by competitors

N-has no equivalent, nothing else provides a similar benefit

I would have to say that my top resource is reputation because as I mentioned, it is each of these elements working together. Intangible resources are harder for competitors to copy and certainly take time to develop. Someone may be able to sell similar products, but adding the welcoming atmosphere, great hours, convenient locations, and experienced staff, all contribute to a reputation that sets my business apart. A positive reputation is essential in any industry, and is a key factor in being the best for years to come.

This video elaborates on the importance of a good reputation. Although she focuses more on a personal level than a business, the same principles hold true for both. Your actions and the way you conduct yourself on a daily basis form your reputation over time, and you want others to think of you in s positive light whenever they hear your name. Here is a link to the video: https://www.youtube.com/watch?v=HiyZ8sQaafI