Resources 23A

Assignment 23A

1.     Experience in half owning a business (commercial and charter fishing)

V: Valuable for having an idea and background on what it takes to manage a business’s finances and operations.

R: I would not say it is rare as millions of people have experience in owning small businesses

I: It is somewhat difficult to run and start up your own business

N: No other resources than physically managing a business

2.     Experience in social media marketing

V: Very valuable to have experience in marketing your product to the growing world of social media

R: Many businesses market their products through social media pages

I: It is not difficult to run a social media account

N: There are other ways to market your product besides social media

3.     Having a narrowed understanding of my target market

V: This is valuable to know who exactly we want to market our product too and how to market it

R: It is not entirely rare, but some people have an issue finding their specific market

I: If you put in the extra effort it is not hard to copy

N: Not many resources besides yourself can help you understand what and where you need to be selling to

4.     Broad usage of many current navigation applications

V: It is valuable because I can determine what these apps need to improve on and what they excelled with

R: It is not rare for someone to use different navigation applications, but most people use one they prefer

I: It is not hard to copy at all

N: There are a few highly regarded resources when it comes to checking out different navigation apps.

5.     Social Capital

V: It is very valuable to know different types of business owners, managers and customers

R: It is not rare but also not easy to build up social capital

I: This can be copied but it takes time and effort to complete

N: Not really many resources to take replace what you benefit in social capital

6.     Adaptable in technology

V: very valuable especially when your business revolves solely on updating technology

R: It is not rare as many people are adapting to the ever-growing world of technology

I: Not hard to copy at all

N: In this business specifically, it is difficult to use other resources that are not brand-new technology

7.     Lack of upscale competitors

V: This is valuable as you have a smaller market to compete against

R: It is rare as many new businesses mimic one another and this one mimics only a few

I: Difficult to copy because you can only go so far into the market

N: Not many replaceable resources

8.     Offering a product similar to others but with key additions

V: This is valuable for others to understand why they should buy into it

R: What I am offering to customers is rare with knowing exactly where to park

I: It is difficult to copy

N: There are no replaceable resources that can tell you exactly where an open parking spot is

9.     Knowing similar customers who share the same needs and opportunities

V: It is valuable to having a starting market within a similar society

R: It is difficult to find one group all at once

I: It can be copied most likely at another college campus

N: No new resources besides a close customer

10.  Being able to incorporate the product in different ways

V: This is valuable to give customers different ways to experience the product

R: This is rare as many products have one-way presentation

I: This can be copied but this is also the first of it

N: Other navigation apps can be used but no app tells you exactly where to park.

I believe the most important resource is being able to incorporate the product in different ways. Some people cannot afford a new car but would still like to use Smart Park’s services so they can download the app. In other ways this can be installed into fairly new vehicles.