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Business Strategies - Coggle Diagram
Business Strategies
Why are some companies so successful?
Well-known business
Listed on stock exchanges
Wide and sustained global presence
What are the aspects of a successful company?
Vision
A vision statement is broad and looks into the future and defines aspirations.
Mission
A mission focuses on the present as well as the near future and defines purpose. It also suggests what a company needs to do and is specific unlike a vision.
SMART goals:
Specific, Measurable, Attainable, Relevant, Time-Based
How to make a successful company?
Target Market
Psychograhpics
Lifestyle, social class, personality-based segmentation
Usage-related / Behavioral
iming of market launch – whether seasonal in nature, life-cycle of product – period in which the product is favorably accepted in the market.
Demographics
Different target users categorized by age, gender, race, education level, marital status, income levels of potential customers,
Analysis
SWOT (Strengths, Weaknesses, Opportunities, Threats)
Opportunities
Advantages in comparison to competitors
Weaknesses
Negative aspects of company's products
Threats
Disadvantages in comparison to competitors
Strengths
Positive aspects of company's products
Positioning & Strategy
It is how your company’s product is being perceived in the minds of customers as compared to your competitors.
Measured using the Strategy Canvas (a point-based system)
How to make a successful company? (continued)
4P marketing mix
Place
Where is this product being used at (accounting for manufacturing and logistics fees)
Price
Cost of product (including manufacturing, marketing and actual end cost to customers)
Promotion
Includes advertising the product in the most appealing way to potential buyers
Product
Usually refers to product differentiation (product lines)
Enviromental Friendly solutions by company
Companies are expected to be environmentally conscious about their actions and are expected to have solutions to mitigate it