28 May Finance Discussion And Response
Please keep everything separated by discussion and response.
Discussion
“Strategic Entrepreneurship” Please respond to the following:
- From the e-Activity, evaluate the lessons learned in this chapter to determine which single lesson would be most beneficial to the company you researched. Provide specific examples to support your response.
- From the e-Activity, identify one firm that you think would make a good strategic partner for the company you researched. Provide specific examples of why you think this firm would be a good partner.
Use your research from the e-activity and CITE YOUR SOURCE.
Response
Hi Classmates –
Strategic entrepreneurship is the process of providing innovations to a current market, either through invention, imitation, cooperation, or acquisition, The goal is to continue to provide a competitive advantage in a ever-evolving marketplace. One organization that is not particularly innovative is Petco. Though they offer a variety of industry standard services, including grooming, training, and veterinary services, there have been no significant changes to business model or offerings recently. I was shocked at how little had changed when I got a new pet after a 5 year hiatus. Petco does not appear to be leading in entrepreneurship or innovation. In fact, they do not have a strong social presence – no youtube videos in the last 4 months, and no twitter posts since 2/19 – and they do not offer several services that other big box retailers do, like in-store pickup, or free shipping on online orders.
As delivery options become more prevalent, one partnership that may be valuable would be a partnership or acquisition of a subscription box. A reoccurring box with treats, toys, and accessories customized for family animals would be a great way to push products, while allowing customers to stay home. Examples of subscription boxes for animals are BarkBox, LootPets, and Pooch Perks. This would provide additional benefits to customers, using existing products.
Looking forward to reading which companies you think could ramp up innovation.
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