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Business Strategies - Coggle Diagram
Business Strategies
What makes a business successful
Wide Presence of Business
Sustained Business
Well Known Business
Listed Companies May indicate Public Confidence
How can a new business be successful?
A business must be well-prepared even before it launches. Having a Business Plan is one such way to ensure various strategies are looked into.
S.M.A.R.T Goals
S
pecific - Make goals clear and specific
M
easurable - Define measurable assets
A
ttainable - Confirm your goals are attainable
R
elevant - Verify your goals are relevant
T
ime-based - Set up a time-based plan
Marketing Mix (4P's of marketing
Product
Product Differentiation
Product Life Cycle
Price
Cost-plus pricing
Fair/ Parity pricing
Skimming price
Penetration price
Place
Promotion
Advertising effectiveness
Target market/ Target user
Demographic
: Consider relevant demographics such as age, gender, race, education level, marital status, income levels of potential customers, etc.
Psychographic
: Lifestyle, social class, personality-based segmentation
Usage-related/ Behavioral
: Timing of market launch - whether seasonal in nature, Life-cycle of product - period in which the product is favorably accepted in the market
Competitive and S.W.O.T analysis
Competitive analysis
The process of identifying competitors in your industry and researching their different business strategies. You can use this information compare your company's strengths and weaknesses against your competitor companies.
S.W.O.T (Strengths, Weaknesses, Opportunities, and Threats) analysis
One of the framework that can be used to evaluate a company's competitive position. By evaluating the strength and weaknesses of your competitors, you can capitalise on your competitors' weaknesses and enhance your company's strengths when launching and marketing your products. Importantly, it can help your company build up and sustain you competitive advantage.
Product Positioning using Strategy Canvas
Positioning is how company's product is being perceived in the minds of customers as compared to competitors
Strategy Canvas allows you to compare how customers rate your product against similar products from other competitors
Green Strategies
Five Green Strategies
Create Greener Product
Have a Recycling or Waste Reduction Programme
Choose Sustainable Packaging
Be an Environment Advocate
Create Green Campaigns