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Summary Of Business Strategies - Coggle Diagram
Summary Of Business Strategies
reasons why we may consider a company as "successful"
Wide Presence of Business
A company with a global presence, like Windows PC, demonstrates its ability to penetrate and adapt to various markets, ensuring consistent revenue streams from diverse geographic locations. This widespread availability also reflects strong brand recognition and logistical prowess, further cementing its status as a market leader.
Sustained Business
Companies like Boeing, which have been in operation for over a century, exemplify long-term resilience and adaptability. Their sustained success indicates a robust business model capable of weathering economic fluctuations and evolving industry demands, making them paragons of stability and reliability
Well-Known Business
Brands such as McDonald’s have achieved iconic status through pervasive marketing and consistent customer experiences worldwide. This widespread recognition not only drives consumer trust and loyalty but also highlights the company’s effective branding and market saturation strategies
Listed Companies May Indicate Public Confidence
When a company is publicly traded, it often signifies a level of transparency and accountability that can attract investor confidence. The rigorous scrutiny and regulatory compliance required to be listed suggest that the company has a solid financial foundation and governance practices, which can be reassuring to stakeholders
Goals
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
Target Market
When designing a product, it is important to bear in mind who the target user is, as we have emphasised in the Design Thinking process. There is hardly a product or service that is made for "everybody and anybody" -- it simply means the product was not designed with the user in mind!
use personas to represent your target users. Provide some demographic information, their goals or challenges, as well as their buying behaviour
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
S.W.O.T
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. Importantly, it can help your company build up and sustain your competitive advantages
Positioning - Strategy Canvas
Positioning is how your company’s product is being perceived in the minds of customers as compared to your competitors.
Strategy Canvas, a charting tool which compares how customers rate your product against similar products from other competitors. In a strategy canvas, the vertical axis represents the low and high ratings of the customers regarding the product, while the horizontal axis represents the various factors of competition
Marketing mix
One common tool to help formulate the marketing strategy is known as the 4P's marketing mix. The marketing mix is a set of controllable variables that must be managed to satisfy the target market and achieve the organisation objectives. These controllable variables are classified as the 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 user, e.g. brick and mortar business, pop-up stalls, e-commerce. This would ultimately affect the reach of the business. Is it able to reach the target market through the specific channel that is being used?
Promotion involves communicating the product attributes and the corporate image in the most favorable light to intermediary sellers and end users. At the same time, we also need to consider through what channel is the promotion being done?
Promotion may also include strategies to increase sales of products or services.
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
Note that price could be affected by cost. When selecting a price to sell, a company should consider its costs, such as but not limited to
Manufacturing Cost – Tooling, Material, Labour, Packaging
Promotional materials
Shipping
Commissions
Rental
Profit Margin
Green Strategies
Keeping Our World Clean
When engineering products for mass manufacturing, it is important to keep in mind sustainability strategies. Sustainable actions make a real difference to the place we live in. By actively carrying out sustainable actions, it can reduce carbon footprint and the amount of toxins released into our world, making it safer.
Ensuring Sustainable Source of Resources and Supplies
For businesses, green strategies are important as it ensures that resources are consumed in a sustainable manner to avoid rapid depletion and hence disruption of product supply to customers
Consumer Expectations
Today, consumers are more environmentally-conscious and expect businesses to be socially responsible to the environment.
What Can Businesses Do?
Five Green Strategies to Consider...
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.
Starting Up in RP and Beyond
Entrepreneurship Immersion Programme (EIP) in Year 3 instead of Internship
RP can support you in your entrepreneurial ventures. In Year 3, you can consider running a start-up from epic (RP incubator) instead of doing an internship.
