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Business Strategies - Coggle Diagram
Business Strategies
Marketing Mix (4P's)
Product
Product Differentiation
What makes your product unique from another, such as a Nike shoes' high quality compared to a low price Reebok
Product Life Cycle
From its introduction to its discontinuation. There are 4 stages; Introduction, growth, maturity & decline.
Promotion
Advertisement
This communicates the attributes of the product & the corporate image in the most favourable light to intermediary sellers & end users.
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Place
It refers to a product's channel of distributions or how it is conveyed from the producer to the end user. This ultimately affects the reach of a business.
Target Market
Demographic
Consider relevant demographics such as age, gender, race, educational level, marital status, incomes of potential customers, etc.
Physcographic
Lifestyle, social class, personality-based segmentation.
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Goals & Objectives
ORGANISATION STATEMENTS
Vision
A vision statement looks to the future & defines aspirations. It is where the organisation aspires to go to in the long run
IKEA: 'To create a better everyday life for the many people.'
Mission
A mission statement focuses on the present & near-future, & defines purpose. It implies the organisation needs to do.
Lowe's: Together, deliver the right home improvement products, with the best service and value, across every channel and community we serve.
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SWOT Analysis
A competitive analysis, or SWOT, is the process of identifying competitors in the industry and researching their different business strategies.
Information obtained can be used to compare a company's strengths & weaknesses between another one in the same industry.
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Green Strategies
Why be sustainable?
Keeps our world clean as by carrying out sustainable action, carbon footprint and the amount of toxins released into the atmosphere is reduced.
It also ensures resources & supplies are not rapidly depleted and disrupt product supply to customers.
Consumers also are more environmentally conscious & expect people be socially responsible to the environment.
How to be sustainable?
- Create a greener product
- Have a recycling or waste reduction programme
- Choose sustainable packaging
- Be an environmental advocate
- Create Green campaigns
Product Positioning
What is positioning?
Positioning is how a company's product is perceived in the minds of customers compared to competitors.
How do we compare?A common tool used to demonstrate positioning is the Strategy Canvas, which charts how customer's rate a product based on factors such as features, design, quality & cost. 