Business Strategies :
Considering a successful business
Wide presence of business
Sustained business
Well-known business
Smart Goals
Specific
Measurable
Attainable
Relevant
Time-based
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.
S.W.O.T. (strengths, weaknesses, opportunities, and threats)
analysis is one framework that can be used to evaluate a company's competitive position.
By evaluating the strengths and weaknesses of your competitors, you can capitalise on your competitors’ weaknesses and enhance your company’s strengths when launching and marketing your products.
it can help your company build up and sustain your competitive advantages.
4P's marketing mix
4Ps: Product, Price, Place and Promotion.
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, e.g. brick and mortar business, pop-up stalls, e-commerce. Place may also include manufacturing, transportation, warehousing, wholesaling and retailing considerations.
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.