Question

1. What are strengths and weaknesses and how does the firm identify them? What are some strengths and weaknesses of your own firm (either real-life employment or simulation firm)?
2. How do the perspectives on competitive advantage differ when comparing brick-and-mortar stores to online businesses (e.g., Best Buy versus Amazon, Barnes & Noble versus Amazon, The Gap versus Thread less, Nordstrom versus Zappos, and so on)? Make recommendations to brick-and-mortar stores as to how they can compete more effectively with online firms. What conclusions do you draw?

answer any one these

Answer 1

A SWOT analysis studies internal and external factors that are helpful or harmful to your business and the way it’s run. This approach focuses on identifying factors in the following 4 categories:

· Strengths - The strongest parts of your business model and your most effective selling points. The core competencies of your team and your investments.

· Weaknesses - The weakest parts of your business model and weak spots in the sales funnel. What’s lacking in your team and missing from your investments.

To help you think about what to include in your strengths and weaknesses, try asking yourself questions like:

• What am I good at?
• What have others complimented me about?
• What have others had to help me with on more than one occasion?
• Which projects and tasks seem to drain my energy?
• Which projects have I spent hours on without getting tired?
• What are my hobbies, and why do I like doing them?

After you’ve spent some time honestly assessing your strengths and weaknesses, it’s time to get input from those closest to you: a significant other, your mentor, close friends, or family members.

Let me share my past , Long ago, let's say 5 years back I was a kid who used to consider my self too weak in each and every aspect of life, later did I realized that I used to compare my strength to strength of others and that was what made me doubt my strength. But at present I just consider all my weaknesses and strengths as my building block.Thats what defines me, that's what I am. Categorising my strength and weaknesses, was what I was busy till my age of 12. And this is what most of people of same age or elders do, as a typical family background in India, comparison is a thing which makes the child start seeing flaws in him/herself. To all the parents and parents-to-be a note to keep in your heart is that, Never ever compare your child with that of others, never do compare their grade sheets with their batch mates, don't make child feel he is weak, Hold on to ur child and tell them you are great. And this is what I feel would really make him great one day. And note to kids is that “ Just don't consider your flaws as weakness, live life on your terms, Don't just set or categorize your table of strength and weaknesses. Just stay happy because you deserve that as you are unique.”

One thing I wish sharing is, love your flaws, your weaknesses your strengths and your everything. Don't ever try to categorize your strengths and weaknesses. Embrace upon your weaknesses and strengths and don't let your head bow down.Keep rising high and high…

To successfully compete with online eCommerce empires, brick-and-mortar stores should:

• Focus on building long-term relationships through excellent customer service. Retailers should have methods—such as email interactions, surveys, and a social media presence—in place to keep track of customer interactions, following up to ensure customers are satisfied. In-store, retailers will want to make sure their staff is trained and knowledgeable of
• Add value to the in-store experience. Excel where most online shops fail by offering free ship-to-home or same-day delivery to shoppers whose desired item is out-of-stock. Provide special deals on purchases that reach a certain threshold, as many eCommerce brands do. Offer VIP customers exclusive holiday shopping or invitations to unique in-store events. Allow click-and-collect for shoppers who want to stop by quickly on their way home from work to pick up items ordered online; once they’re in the store, they’ll likely walk out with more. Allow online price-matching, so consumers know they’re getting the best deal possible.
• Harness the power of mobile. One of the key trends in brick-and-mortar retail is an increased focus on the needs of mobile shoppers. Since 90% of shoppers are using their smartphones while in physical stores, it makes sense to ensure your site is mobile-optimized or that you have a mobile app. Going a step further, you can partner with Shopkick, a mobile shopping app, to guide shoppers down the aisle to find the products they need and some they may not have realized they needed before.   
• to be sure customers’ needs are met.