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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