Business Strategies

Goals/Objectives

Target Market

Competitive Analysis - S.W.O.T.

Positioning - Strategy Canvas

Mission

Vision

S.M.A.R.T Goals

A vision statement looks to the future and defines aspirations, broadly stating where the organization aspires to go in the long run.

A mission statement focuses on the present and near-future, and defines purpose, suggesting what the organization needs to do.


Not as general or broad unlike a vision statement.

Attainable

Relevant

Measurable

Time-Based

Specific

Make goals clear and specific.

Define measurable assets.

Verify your goals are relevant .

Set up a time-based plan.

Confirm your goals are attainable.

Psychographic

Usage-related/Behavioral

Demographic

Consider relevant demographics such as age, gender, race, education level, marital status, income levels of potential customers, etc.

Lifestyle, social class, personality-based segmentation.

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

The process of identifying competitors in your industry and researching their different business strategies. This information can be used to compare your company's strengths and weaknesses against your competitor companies.

S.W.O.T. Analysis

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 capitalize 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.

Positioning - how your company’s product is being perceived in the minds of customers as compared to your competitors.

Strategy Canvas - a charting tool which compares how customers rate your product against similar products from other competitors

The vertical axis represents the low and high ratings of the customers regarding the product

The horizontal axis represents the various factors of competition (features, cost, design, quality, etc).

Marketing Mix - 4P's

Green Strategies

Place

Price

Product

Promotion

Refers to product differentiation. The product should be differentiated from competitor’s products in terms of quality, quantity and intellectual property protection.

Refers to the product’s channels of distribution or how it is conveyed from the producer to the end user. This would ultimately affect the reach of the business.

Involves communicating the product attributes and the corporate image in the most favorable light to intermediary sellers and end users.

Include strategies to increase sales of products or services.

Different price strategies can be utilized at different stages of the product life cycle. Some of these price strategies may include:

  1. Fair/Parity pricing
  1. Skimming price
  1. Penetration pricing
  1. Cost-plus pricing

Use sustainable packaging

Be an environment advocate

Have a recycling/waste reduction programme

Create green campaigns

Create greener product

A company can create products that uses recycled materials, or from materials that are less resource-intensive that produces a lower carbon footprint.

A business can actively encourage its consumers to participate in recycling programmes, such as the return of empty printer toner cartridges.

A company can decide if packaging is necessary, if at all.

By adopting or partnering certain organisations, companies can demonstrate their conviction towards supporting the environment.

These campaigns aim to reach out to the public to help them learn about sustainability.