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Lesson 8 - Business Strategies, Wide presence of Business, Sustained…
Lesson 8 - Business Strategies
Some reason why we consider a company as "Successful"
Business plans with business strategies
1) Goals and objectives
2) Target market
There are many categories for target market
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.
Demographic: Consider relevant demographics such as age, gender, race, education level, marital status, income levels of potential customers, etc.
3) competitive analysis
Practice the strategy by using the S.W.O.T analysis
Strengths
Weaknesses
Opportunities
Threats
4) positioning
Strategy Canvas
5) Marketing Mix
These controllable variables are classified as the 4Ps
Price
Manufacturing Cost – Tooling, Material, Labour, Packaging
Shipping
Commissions
Rental
Promotional materials
Profit Margin
Place
Product,
Promotion
6) Green Strategies
Five Green Strategies for business to Consider
Choose Sustainable Packaging
Be An Environment Advocate
Have A Recycling or Waste Reduction Programme
Create Green Campaigns
Create Greener Product
Vision: looks to the future and defines aspirations
Use the S.M.A.R.T goal to practice the strategy
make goals clear and Specific
confirm your goals are Attainable
verify your goals are Relevant
set up a Time-base plan
define Measurable assets
Mission: focuses on the present and near-future, and defines purpose
Wide presence of Business
Sustained Business
Well-known Business
Listed companies may include public confidence