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Business Strategies - Coggle Diagram
Business Strategies
pricing schemes
a) Cost-plus Pricing
b) Fair/Parity Pricing
c) Price Skimming
d) Penetration Pricing
Types of Business Strategies:
Cost Leadership: Offer the lowest prices to attract price-sensitive customers.
Differentiation: Provide unique products/services to stand out and charge higher prices.
Focus: Target a specific market niche and tailor offerings to that group.
Innovation: Create new products/services to stay ahead of competitors.
Growth: Expand through new markets, products, or increasing market share.
Importance of Business Strategies:
Provides direction and focus.
Helps allocate resources efficiently.
Enables businesses to adapt to changes in the market.
Creates a competitive advantage.
Helps achieve long-term goals and objectives.
Steps to Develop a Business Strategy:
Analyze the Market: Understand the industry, competition, and customer needs.
Set Clear Goals: Define what the business wants to achieve.
Identify Resources: Determine what resources (financial, human, etc.) are available.
Develop a Plan: Create a detailed action plan to reach the goals.
Implement and Monitor: Put the plan into action and regularly check progress.
Challenges in Business Strategy:
Rapid changes in technology and consumer preferences.
Intense competition.
Economic fluctuations.
Regulatory changes.
key concepts
SWOT Analysis: Assessing Strengths, Weaknesses, Opportunities, and Threats.