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Business strategies - Coggle Diagram
Business strategies
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Wide presence of business
A company with a global presence, like Windows PC, 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
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Companies like Boeing, 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.
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Brands such as McDonald’s 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.
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.
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When designing a product, it is important to bear in mind who the target user is, as we have emphasised in the Design Thinking process. There is hardly a product or service that is made for "everybody and anybody" -- it simply means the product was not designed with the user in mind!
You can use personas to represent your target users. Provide some demographic information, their goals or challenges, as well as their buying behaviour.
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Place refers to the product’s channels of distribution or how it is conveyed from the producer to the end user, e.g. brick and mortar business, pop-up stalls, e-commerce. This would ultimately affect the reach of the business. Is it able to reach the target market through the specific channel that is being used?
Place may also include manufacturing, transportation, warehousing, wholesaling and retailing considerations.
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Setting the correct price is very important. The correct price will ensure that we can cover all costs. At the same time, the correct price can help to generate sales.
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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 is one framework that can be used to evaluate a company's competitive position. By evaluating the strengths 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 your competitive advantages.
. Product
This typically refers to product differentiation. The product should be differentiated from competitor’s products in terms of quality, quantity and intellectual property protection.
Promotion
Promotion involves communicating the product attributes and the corporate image in the most favorable light to intermediary sellers and end users.