This article outlines innovative strategies for beating the competition. Another article, Loblaw to cut prices as grocery wars heat up, by Marina Strauss on May 4, 2016, is used in the Confirming Activity section at the end of this lesson.
Appropriate Subject Area(s):
Entrepreneurship, business management, retail management, marketing, strategy
Key Questions to Explore:
- What strategies are most effective for businesses in a competitive environment to rise to the top?
Introduction to lesson and task:
This lesson discusses innovative strategies to outmanoeuvre the competition. Rather than relying on traditional methods, these innovative ideas stem from strategies used in other sectors.
Action (lesson plan and task):
- Ask students where there favorite place to shop is. Write the answers on the board.
- Using Think-Pair-Share, ask students to identify two or three competitors for their favourite place.
- What makes these other places competitors? What made them select their favourite for shopping?
- Distribute the first part of the article for reading.
- Discuss with the class the innovative strategy used by Airbnb to develop a viable business that competes head-on with the hotel industry.
- Brainstorm as a class strategies that could be used to outmanoeuvre the competition.
- Divide the class into three groups. Give each group one of the strategies outlined in the article: Pre-emption, dislocation, disruption.
- Have each group discuss the strategy, ensuring they understand what it means and have a couple of examples to illustrate the strategy in action.
- Have a representative from each group share the strategy and key information about it with the class.
Consolidation of Learning:
- Have students write a short paper on how one or more of these strategies could be incorporated by their favourite place to shop to outmanoeuvre the competition.
- Students understand innovative ways to compete in today’s ever changing complex marketplace.
- Distribute the article Loblaw to cut prices as grocery wars heat up. Have students read the article and develop one or two innovative strategies that might be utilized instead of competing on price alone.