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L08 Engineering Design Business Stratagies - Coggle Diagram
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
Lifestyle, Social Class, Personality-based Segmentation
Usage-related
Timing of market launch period in which the product is favorably accepted in the market.
Demographic
Age, Gender, Race, Educational Level, Marital Status, Income level of Potential customer.
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
Fair/ Parity Pricing
Skimming Price
Penetration Price
Cost-Plus Pricing
Price is ensuring what customers pay is competitive and reasonable
Place
Where the product is distributed or how it's conveyed from producer to buyer
Product
Product Life Cycle
Product Differentiation
Product= Unique Solution that meets user needs, and solutions that other companies don't offer.
Promotion
Advertising Effectiveness
How to favourably communicate product attributes and corporate image to potential buyers
Green Strategies
Choose sustainable packaging
Example: Will the company use packaging for everything or only essential things
Be an Environment Advocate
Example: Partnering certain organisations, the businesses can demonstrate their conviction towards supporting the environment.
Have a recycling or waste reduction programme
Example: Business can actively encourage its consumers to participate in recycling programmes
Create Greener Products
Example: Products that are made from recycled materials