Leveraging Core Competencies

Leveraging Core Competencies

Evaluating and discussing some key tangible and intangible resources and core competencies within AJ & Wines and developing a plan to leverage those resources and core competencies to create competitive advantage will be discussed. Knowing what was mentioned above can establish the feasibility of the restaurant AJ & Wines (Ohio University, 2021).

Evaluating Key Tangible Resources

 The main tangible resource that AJ & Wines will possess is its wine dispensers. These wine dispensers are something that only two other restaurants in Chicago, Illinois, have (Fournier, 2014). In an era of social distancing and an era of social gathering appreciation, AJ & Wines provides its customers with a safe place for social gatherings and interaction. Today people seem to be craving social interactions since COVID-19 made everyone distance themselves from one another. The fact that the restaurant will have wine dispensers, you can buy an app; ill make anyone get up and chat about wine, life or whatever’s happening now. Customers who download the app will create hype that might attract other potential customers and provide the restaurant with free marketing (Buildfire, 2021).

Evaluating Key Intangible Resources

 One of AJ & Wines’ intangible resources will be its trademark wine. The restaurant will have an on-site wine brewery and cellar that will carry the restaurant’s name. This will allow the restaurant to sell its brand at a lower price than its competitors. The restaurant owners’ research found that not a single restaurant in Chicago, Illinois has a wine brewery in sight. Another intangible resource that AJ & Wine will possess is its location. The restaurant will be located near the coast of Michigan Lake and have an Instagram-worthy view.

Core Competencies Plan

 The interactive wine dispensers and the app, the branding and trademark of the restaurant, and its location with a breathtaking view compose AJ & Wines’ core competencies. These three tangible and intangible resources will make this restaurant unique and keep its competitors at a low number in the beginning (Buildfire, 2021). The plan to implement these three resources is to use a big part of the initial budget directed to marketing these three resources. This will gather a big initial number of customers who will talk about the restaurant and its resources to others and hopefully kickstart a chain reaction to make the brand known to others. With the wine dispensers and the app, customers craving social gatherings and wine connoisseurs or wine enthusiasts will come driven by curiosity. The view of Lake Michigan will attract a younger public that likes to post awesome pictures on their social media and views from the lake, the restaurant and its plates (Michigan, n.d.). Lastly, AJ & Wines’ brand will be known by more people when customers take pictures and start talking about the on-site brewery and cellar.

To conclude, knowing any business or company’s tangible and intangible resources will help determine its feasibility and a core competencies plan can be made. Forecasting is another aspect that must not be overlooked when making this plan. When forecasting, some aspects of your venture can be foreseen and avoided. Although this is not an exact science, it can open the eyes of the entrepreneur to possible failures or events that can lead to failure. Both forecasting and making a competencies plan with intangible and tangible resources go hand in hand and should be one of the first things to do when creating a venture idea.

References

Buildfire. (n.d.). Thirty-three creative ways how to market your app for free. Retrieved November 14, 2021, from https://buildfire.com/free-app-promotion/

Fournier, K. (2014). Incorporating a wine dispenser into your restaurant. FSR Magazine. Retrieved November 14, 2021, from https://www.fsrmagazine.com/fsr/expert-insights/incorporating-wine- dispenser-your-restaurant

Ohio University. (2021, September 10). Developing core competencies can lead to competitive advantage. Retrieved November 14, 2021, from https://onlinemasters.ohio.edu/blog/developing-core-competencies-can-lead-to-competitive-advantage/

SOM – social networking. (n.d.). Michigan.Gov. Retrieved November 14, 2021, from https://www.michigan.gov/som/0,4669,7-192-53658—,00.html? page=1&limit=10&filterCategories=&searchQuery=

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Leveraging Core Competencies

Evaluate some of the key tangible and intangible resources and core competencies within your company (or soon-to-be business) and develop a plan to integrate and leverage those resources and core competencies to create a competitive advantage.