L08 Engineering Design Business Stratagies

Successful Business

Well-Known Business

Listed Companies May indicate Public Confidence

Sustained Business

Wide Presence of Business

Goals And Objectives

S.M.A.R.T Goals

Attainable Goals

Goals that are relevant

Measurable Assets

Goal that can be achieved by the time set

Specific Goals

Target Marketing

Psychographic

Usage-related

Demographic

Age, Gender, Race, Educational Level, Marital Status, Income level of Potential customer.

Lifestyle, Social Class, Personality-based Segmentation

Timing of market launch period in which the product is favorably accepted in the market.

SWOT Analysis

Weakness

Opportunities

Strength

Threats

Strategy Canvas

Positioning and comparing your product and other companies product on a graph to show which aspects are better.

Marketing Mix

Price

Place

Product

Promotion

Product Life Cycle

Fair/ Parity Pricing

Advertising Effectiveness

Product Differentiation

Skimming Price

Penetration Price

Cost-Plus Pricing

Product= Unique Solution that meets user needs, and solutions that other companies don't offer.

Price is ensuring what customers pay is competitive and reasonable

Where the product is distributed or how it's conveyed from producer to buyer

How to favourably communicate product attributes and corporate image to potential buyers

Green Strategies

Choose sustainable packaging

Be an Environment Advocate

Have a recycling or waste reduction programme

Create Greener Products

Example: Products that are made from recycled materials

Example: Business can actively encourage its consumers to participate in recycling programmes

Example: Will the company use packaging for everything or only essential things

Example: Partnering certain organisations, the businesses can demonstrate their conviction towards supporting the environment.

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