Business Strategy
Reasons to consider business as susccessful
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.
Sustained Business
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.
Well-Known Business
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.
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.
How can a new business be successful
By having a business plan
Business Plan
Goals/Objective
Vision
A vision statement looks to the future and defines aspirations. It broadly states where the organisation aspires to go in the long run
Mission
A mission statement focuses on the present and near-future, and defines purpose. It suggests what the organisation needs to do, and is not as general or broad unlike a vision statement
S.M.A.R.T
Specific
Measurable
Attainable
Relevant
Time-Based
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 Analysis
S.W.O.T Analysis
Strategy Canvas
Positioning : is how your company’s product is being perceived in the minds of customers as compared to your competitors.
Marketing Mix - 4P's
4Ps: Product, Price, Place and Promotion.
Green Strategies
Create Greener Product - For example, a company can create products that uses recycled materials, or from materials that are less resource-intensive that produces a lower carbon footprint.
Have A Recycling or Waste Reduction Programme - A business can actively encourage its consumers to participate in recycling programmes, such as the return of empty printer toner cartridges.
Choose Sustainable Packaging - A company can decide if packaging is necessary, if at all. Did you know deodorant used to be packaged in cardboard boxes? These days, you grab them off the shelves without the boxes! As another example, caters provide bio-degradable cutleries these days.
Be An Environment Advocate - By adopting or partnering certain organisations, companies can demonstrate their conviction towards supporting the environment.
Create Green Campaigns - These campaigns aim to reach out to the public to help them learn about sustainability.