Clyce

One of the first things that Yeti did to neutralize threats was to go after RTic and their designs that were too similar to Yeti.  RTic had to stop their sales immediately of those coolers and re-design and produce the new coolers in a very short amount of time to maintain their sales.  This action by Yeti neutralized RTics effectiveness for a few months. Another way Yeti kept themselves up to date was to make accessories that only fit the Yeti coolers.  The best of these accessories has been the dry side kits that attach to any cooler and keep the items cold, but it is in a water proof pack for the cooler.  This helps when packing any sorts of bread, snacks or any other items that do not need to be waterlogged when arriving at your event. Finally, Yeti has been constantly evolving with new products.  Most of the competitors in the market have only been producing coolers and not the accessories.  If Yeti keeps up with the new designs and new accessories...

Given how the environment can change at any time for any reason for a company it only seems fitting that Yeti has experienced its own environmental threat in the past few years.  Yeti was previously in a basically monopolistic environment in the beginning.  There were very few cooler companies that could compete with the features of the Yeti cooler.  However, in the past few years there have been some additions to its competitors. RTic and Orca are two companies that have given Yeti a run for their money.  Both companies offer coolers with basically the same features as Yeti.  RTtic offered one that was so similar Yeti sued for duplication of product design and won.  RTic then had to redesign all of their coolers to meet the requirements of the legal ruling against them. Right now those two companies are definitely substitute threats, however, there is not rivalry, yet.  In the next few years it will be interesting to watch and see how much competi...

Chapter 2 Review:  Firm Performance and Competitive Advantage Strategy is defined as a plan of action created to achieve an overall goal.  In business this goal is to outperform other companies in the market.  Basically the goal of strategy of any business is to achieve competitive advantage.  If that is achieved then the firm is more likely to succeed in the long run. To maintain a competitive advantage the firm must achieve economic advantage to ensure that the perceived benefits that a customer will gain is worth the cost of the goods sold.  There are many companies that have proven they are master's of strategy and gaining competitive advantages including: Amazon, Apple and Yeti most recently. Each of these firms have proven to customers that their products are worth the cost. Yeti most recently has been the front runner in coolers for travel, sporting events, and even hunters and fishermen.  There are many other competitors in the fiel...