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Business Strategies - Coggle Diagram
Business Strategies
Green Strategies
Create Greener Product - For example, a company can create products that uses recycled materials, or from materials that are less resource-intensive that produces a lower carbon footprint.
Have A Recycling or Waste Reduction Programme - A business can actively encourage its consumers to participate in recycling programmes, such as the return of empty printer toner cartridges.
Choose Sustainable Packaging - A company can decide if packaging is necessary, if at all. Did you know deodorant used to be packaged in cardboard boxes? These days, you grab them off the shelves without the boxes! As another example, caters provide bio-degradable cutleries these days.
Be An Environment Advocate - By adopting or partnering certain organisations, companies can demonstrate their conviction towards supporting the environment.
Create Green Campaigns - These campaigns aim to reach out to the public to help them learn about sustainability.
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Goals / Objectives
Vision
A vision statement looks to the future and defines aspirations. It broadly states where the organisation aspires to go in the long run
Mission
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.
S.M.A.R.T. Goals
Specific, Measurable, Attainable, Relevant, and Time-based
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Target Market
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.
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Marketing Mix - 4P's
4Ps: Product, Price, Place and Promotion.
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.
Place
Place refers to the product’s channels of distribution or how it is conveyed from the producer to the end use
Promotion
Promotion involves communicating the product attributes and the corporate image in the most favorable light to intermediary sellers and end users.
Price
Different price strategies can be utilised at different stages of the product life cycle. Some of these price strategies may include (1) penetration pricing, (2) fair/parity pricing, (3) skimming price, and (4) Cost-plus pricing.
Manufacturing Cost – Tooling, Material, Labour, Packaging
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