Finding a profitable industry is one way entrepreneurs try to create long-term profitability for their ventures. Equally, or even arguably more, important is developing a successful strategy within a chosen industry as the basis for competitive advantage. To do this, entrepreneurs must understand the industries in which they operate. Industries vary dramatically in the economics that drive costs and product/service differentiation. For some, scale is critical to driving costs down; for others, products or services suffer from perishability. In addition, industries vary greatly in their social, political, regulatory, technological, and other practices. This unit is designed to provide theoretical and conceptual grounding in the factors that differentiate industries and that are critical to crafting a venture strategy. It also introduces students to various industry experts that offer students practical insights into starting a business in their industry.
The unit Understanding Your Industry adopts the perspective of the entrepreneur or general manager, rather than a specialist in a particular field of business. The first half of the unit focuses on developing students’ knowledge and skills to understand, analyse and apply theory about the economics of industries. The second half exposes students to expert entrepreneurs from a range of industries to illustrate some of the both tacit and explicit rules of behaviour, critical influences, customer characteristics, etc. of each industry. The experts will be chosen to best represent the interests of the students with regard to their new venture ideas.
|Unit name||Industry Analysis|
|Faculty/School||Tasmanian School of Business & Economics (TSBE)
|Discipline||Tasmanian School of Business & Economics|
Professor Elaine Mosakowski
Professor Elaine Mosakowski
|Available as student elective?||Yes|
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|Band||Field of Education|
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Weekly Activities – 30%
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