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W9L17- Business strategies - Coggle Diagram
W9L17- Business strategies
S.M.A.R.T Goals
Having a realistic yet clear goal helps us focus on fulfilling our purpose
Target Market (Audience)
Demographic
age, gender, race, education level, marital status, income levels
Psychographic
Lifestyle, social class, personality-based segmentation
Usage related/ Behavioral
Timing of market launch – period in which the product is favorably accepted in the market.
WHY? Knowing your target marketing can give an indication of your market size and the growth potential for your business.
Competitive Analysis: SWOT
process of identifying competitors in your industry and researching their different business strategies
Internal: Strength, Weakness
External: Opportunity, Threats
Positioning - Strategy Canvas
How your company’s product is being perceived in the minds of customers as compared to your competitors.
Marketing Mix - 4P's
Product
Place
Promotion
Price