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Q1: Cost-saving proposals 600 words (max. 200 words per proposal)Recognising these cost elements of this business, or a typical business like this, propose ways it can cleverly save costs (be more cost-efficient) by: (i) reducing fixed cost (ii) reducing variable cost (iii) cost-shifting (passing on/sharing part of the costs onto customers, workers, the government, the public in general etc.) (iv) aiming to achieve better economies of scale ?Propose three cost-saving ideas using any of (i) to (iv). E.g.: two of (i) and one of (ii). ? Discuss them: why you proposed it, why it is a good idea, what challenges might there be to implement them (if any).
Q2: Competitive strategy proposals 600 words (max. 200 word per proposal) What competitive strategy can your chosen business use to gain an advantage in sales over its rivals? ? (i) the five generic competitive strategies (ii) the 4Cs (contrast, combination, constraint, context) (iii) the 4Qs (questions: 1. Is your business relevant? Can you make it more relevant/offer real or essential or higher consumer needs? 2. Are customers dependent on you or not? How to make them more dependent? 3. Do customers prefer us to our competitors? How to make them prefer us? 4. Are we excellent at something? How do we become excellent compared to rivals?)(iv) six ways to differentiate yourself (product, service, channel, relationship etc.) ?Propose three ideas using any of (i) to (iv). E.g.: (ii), (ii) again, and (iv). ? Discuss them: why you proposed it, why it is a good idea, what challenges might there be to implement them (if any)
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