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Lesson 8: business strategies - Coggle Diagram
Lesson 8: business strategies
successful
well-known business
Brands like McDonald have achieved iconic status through pervasive marketing and consistent customer experiences worldwide. This widespread recognition not only drives consumer trust and loyalty but also highlights the company’s effective branding and market saturation strategies.
listed companies may indicate public confidence
When a company is publicly traded, it often signifies a level of transparency and accountability that can attract investor confidence. The rigorous scrutiny and regulatory compliance required to be listed suggest that the company has a solid financial foundation and governance practices, which can be reassuring to stakeholders.
sustained business
Companies which have been in operation for over a century, exemplify long-term resilience and adaptability. Their sustained success indicates a robust business model capable of weathering economic fluctuations and evolving industry demands, making them paragons of stability and reliability.
wide presence of business
a company with a global presence demonstrates its ability to penetrate and adapt to various markets, ensuring consistent revenue streams from diverse geographic locations. This widespread availability also reflects strong brand recognition and logistical prowess, further cementing its status as a market leader.
how?
create a business plan, to ensure various strategies are look into
goals and objectives
vision
looks to the future and define aspiration, stating where the business aspires o go in the long run
mission
focus ont he presents and near-future, and define purpose, suggest what needs to be done, and it is not general or broad.
S.M.A.R.T goals
S
specific: make goal clear and spercific
M
measurable: define measurable assets
A
attainable: confirm your goals are attainable
R
relevant: verify your goals are relevant
T
time-based: set up a time-based plam.
target market/ target user
when designing a product, it is important to bear in mind who the target user is, as we emphasized in the design thinking process, as the product or service is not made for everyone.
demographic
consider relevant demographics such as age, gender, race, educational level, marital status, income levels of potential customer
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 favourably accepted in the market
competitive target analysis (S.W.O.T)
strength :
products, processes, environmentally friendly, cost, what features do you offer that your competitors don't have.
weakness
what features are lacking in your product as compared to your competitors? possible improvement for processes
opportunities
in capabilities of competitors. trend. up and coming related technology. changing buying habits of consumers
threats
new competitors coming u. are existing competitors claiming more and more market share? possible change in legislation. use PESTLE analysis - political, economic, social, technology, legal and environmental analysis.