Y10 BM TB1 Business Strategy (Business Objective ( (Increasing Market…
Y10 BM TB1 Business Strategy
approach, tactics and strategic plans adopted by a business to attract customers and achieve its business objectives.
Growth strategies (S-O): the most positive short-term strategy when it is confident that it has no big issues.
Reorientation strategies (W-O): positive and long-term strategy. It focuses on addressing weakness to use them for the opportunities available.
Defusing strategies (S-T): to eliminate threats by focusing on the strengths. It is a neutral and medium - to short-term one.
Defensive strategies (W-T): the most negative short-term strategy and when a business is at its most vulnerable
big” goal of the business
A specific result that a business aims to achieve in a specific time period.
Survival - Making enough money to cover all costs
Growth - Expanding the business to attract more customers
Profit Maximisation: Reducing costs and increasing revenue.
Increasing Market Share
how big the business is, measured by dividing the business's sales into the total sales of the market.
measured by carrying out customer opinion surveys and market research.
How does the business's activities impact the environment?
This is measured by whether society believes the business is doing things the right way.
counting the number of employees.
By developing new strategies, companies can gain further competitive advantage, either comparative or differential (use these terms in your report)
Comparative advantage - producing a good or service at a lower cost than competitors increasing sales or profit margins.
Differential advantage - producing a different good or service to competitors that is considered better by customers.
generate greater sales and/or retain more customers