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Business Strats - Coggle Diagram
Business Strats
Green Strategies
Keeping our world Clean: When engineering products for mass manufacturing, it is important to keep in mind sustainability strategies. Sustainable actions make a real difference to the place we live in. By actively carrying out sustainable actions, it can reduce carbon footprint and the amount of toxins released into our world, making it safer.
Ensuring Sustainable Source of Resources and Supplies: For businesses, green strategies are important as it ensures that resources are consumed in a sustainable manner to avoid rapid depletion and hence disruption of product supply to customers.
Consumer Expectations: Today, consumers are more environmentally-conscious and expect businesses to be socially responsible to the environment.
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Goals and Objectives
Mission
A mission statement focuses on the present and near-future, and defines purpose. It suggests what the organusation needs to do, and is not as general or broad ynlike a vision statement
Vision
A vision statement looks to the future and defines aspirations. It broadly states where the organisation aspires to go in the long run.
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Target Market
Considering the target user ultimately leads to the target market they are from. The target market can be segmented to the following catergories:
Demographic: Consider relevant demographics such as age, gender, race, education level, marital status, incomme levels of potential customers, etc.
Psychographic: Lifestyle, social class, personality-based segmentation
Usage-related / Behavioural: Timing of market launch - whether seasonal in nature, life-cycle of product - period in whic hthe product is favorably accepted in the market.
It is important the bear in mind who the target user is, as we have emphasised in the Design Thinking process. There is hardly a product or service that is made for "everybody and anybody"
you can use PERSONAS to represent your target users. Provide some demographic information, their goals or challenges, as we as their buying behaviour
Competitive Analysis
Competitive analysis is the process of identifying competitors in your industry and researching their different business strategies. you can use this information to compare your company's strengths and weaknesses agaiinst your competitor companies
S.W.O.T framework
Strengths, Weakness, Opporutnities,Threats
Marketing Mix - 4p's
This typically refers to product differentiation. The product should be differentiated from competitor’s products in terms of quality, quantity and intellectual property protection.
Place refers to the product’s channels of distribution or how it is conveyed from the producer to the end user.
Promotion involves communicating the product attributes and the corporate image in the most favorable light to intermediary sellers and end users.
Setting the correct price is very important. The correct price will ensure that we can cover all costs. At the same time, the correct price can help to generate sales.
One common too to hel formulate the marketing strategy is know as the 4P's marketing mix. The marketing mix is a set of controllable variables that must be managed to satisfy the target mmarket and achieve the organisation objectives. These controllable variables are classified as the 4Ps: Product, Price, Place and Promotion
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