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Business Strategies - Coggle Diagram
Business Strategies
Target Market
Focus on who the target user is. As there is hardly a product or service that is made for "everybody and anybody"
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.
Competitive Analysis
S.W.O.T. (strengths, weaknesses, opportunities, and threats)
Strength
-product -processes -Environmentally friendly -cost -What features do you offer that your competitors don't have?
Threats
-New competitors coming up (Competitors Analysis) -Are existing competitors claiming more and more market share? -Possible change in legislation.
-Use PESTLE analysis -Political,Economic,Social,Technological,Legal and Environmental analysis
Weakness
-what features are lacking in your product as compared to your competitors?
-Possible improvement for processes
Opportunities
-In capabilities of competitors. -Trend -Up and coming related technology. -Changing buying habits of consumers.
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.
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Marketing Mix - 4P's
Product
This typically refers to product differentiation. The product should be differentiated from competitor’s products in terms of quality, quantity and intellectual property protection.
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Price
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.
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