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Business strategies - Coggle Diagram
Business strategies
Goals/ Objectives
Make goals clear and specific
Define measureable assets
Confirm your goals are attainable
Verify your goals are relevant
Set up a time-based plan
Green Strategies
Keeping Our World Clean. When engineering products for mass manufacturing, it is important to keep in mind sustainabilty 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
Target Market
When designing a product, it is important to bear in mind who the target user is
There are demographic targets who consider relevant demographics such as age, gender, race, education level, marital status, income levels of potential customers,
psychographic targets and
, Usage-related targets
Successful businesses
Having a business plans is one such way to ensure various strategies are looked into
Marketing Mix
One common tools to help formulate the marketing strategy is known as the 4P's marketing mix. The marketing mix is a set of controllable variables that must be managed to satisfy the target market and achieve the organisation objectives. These controllable variables are classified as the 4Ps: Product, Price, Place and Promotion
Competitive analysis
Competitive analysis is the process of identifying competitors in your industry and researching their different business strategies. You can use this information compare your company's strengths and weaknesses against your competitor companies
Positioning - Strategy canvas
Positioning is how your company's product is being perceived in the minds of customers as compared to your competitors