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Business Strategies - Coggle Diagram

- - - - A vision statement looks to the future and defines aspirations. It broadly states where the organisation aspires to go in the long run
    - - A mission statement focuses on the present and near-future, and defines purpose. It suggests what the organisation needs to do, and is not as general or broad unlike a vision statement
  - - - Demographic: Consider relevant demographics such as age, gender, race, education level, marital status, income levels of potential customers, etc
      - Psychographic: Lifestyle, social class, personality-based segmentation
      - Usage-related / Behavioral: Timing of market launch – whether seasonal in nature, Life-cycle of product – period in which the product is favorably accepted in the market
  - - - 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
        
        Different price strategies can be utilised at different stages of the product life cycle.
        
        fair/parity pricing
        
        skimming price
        
        penetration pricing
        
        Cost-plus pricing
    - - Place refers to the product’s channels of distribution or how it is conveyed from the producer to the end user, e.g. brick and mortar business, pop-up stalls, e-commerce. This would ultimately affect the reach of the business
    - - This typically refers to product differentiation. The product should be differentiated from competitor’s products in terms of quality, quantity and intellectual property protection
    - - Promotion involves communicating the product attributes and the corporate image in the most favorable light to intermediary sellers and end users. At the same time, we also need to consider through what channel is the promotion being done?