Free Essay

Strengths and Weaknesses

In: Business and Management

Submitted By ie082319
Words 493
Pages 2
1. In my point of view, I think that Biolife’s startup mainly illustrates the Type C startup idea. The reason why I think it illustrates the type C idea is because there already is a First Aid market existing in our environment; however Biolife is a new improvement to the existing market. Type C ideas are usually known for their special features and improved characteristics in existing products. This could be based on Biolife, since Biolife’s main and improved feature is the stopping of bleeding within seconds.

2. In Biolife’s case, I think that the QR idea came from both Accidental discoveries and Deliberate Search, according to the story conceded by Goodman. In the case of Accidental discovery, then the story of Paterson pricking his finger accidentally abides with this one. The reason so, is because he was experimenting on the two ingredients of Resin and Salt, and decided to try out the effect of the combination on his cut, hence realized his invention.
However in the case of the deliberate search, then this abides to the story of him slicing his finger deliberately. In this case, he sliced his finger in order to try out the combination on his accident and check it if had an effect on his cut, in which it did.
3. In my opinion, I think that the founders (Paterson and Thompson) followed more of an inside-out approach to identify this business opportunity. In regards to their resources, then we can relate this to QR since they had both their tangible and intangible resources intact before coming up with the start-up idea. Both the company and the project are new to the market and are very much needed, therefore they are very high in competitive advantage since they’ve got a new idea penetrating the market. The product they are selling and marketing is targeted at a specific group of the market, which are sportsmen and sports industries. This group is very focused in terms of their wants and needs; therefore they knew who their target market was whilst the product was in making.

4. SWOT Analysis:

Strengths of QR:

i. It is a sole product of the Biolife, therefore owners have only one target, which is to enhance and improve QR. All attention of the owners and shareholders is on QR, so it has to gain attention in all aspects, like marketing, improving and financing this product. ii. It is unlike anything out there. This means that Biolife and QR as a product have got very high competitive advantage. Since it is the only market leader. Other companies will have a difficult time in following this market, and getting other customers to use their products instead of QR. iii. Used by head athletic trainer of the Lakers on national TV. This is a major strength point of QR. It started out strong, and got onto TV quickly and by a very well known person too.

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