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Complete 5 page APA formatted essay: What I Didn't Learn in Business School: How Strategy Works in the Real World.To answer the questions, a number of lessons can be learned, which involves understand
Complete 5 page APA formatted essay: What I Didn't Learn in Business School: How Strategy Works in the Real World.
To answer the questions, a number of lessons can be learned, which involves understanding of the Porter’s five forces, value chain analysis, and the Resource Based view.
The Porter’s five forces define the external factors that affect businesses, which business managers and consultants like Justin should put into consideration (Porter, 2008). Justin experienced many challenges since he thought that whatever he learned in class was enough for running a big organization. Some of the issues Justin should bear in his mind before making any decisions are the supplier power on the products such as differentiation and the volume of the inputs required for the manufacture of the plastics shirts. The presence of other substitute’s inputs and the total cost of the purchases are important in rating the profitability of the business.
The other force of concern is the threat of new entrants into the market that can bring competition especially in the supply of inputs, and access to the distribution of the inputs as asserted by Porter (2008). Others are the government policies concerning the venture and the capital required to start the plastic business. Justin and his team must also have in mind the benefits from the investments in terms of economies of scale. The threat of substitutes for the plastics is another issue that should be of concern to consultants such as Justin and his team. The team should ask questions such as whether there are substitutes for the bulletproof vests or building materials resistant to earthquakes.
Buyer power and their bargaining power should be an issue of concern especially the buyer volume that can determine their sales and profit margins (Porter, 2008). The other issues that were not handled in class and are important are the brand identity and product differentiation in the real sense. The degree of rivalries such as exit barriers,
