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Business Strategies - Coggle Diagram

- - - - Make goals and specific
    - - Define measurable assest
    - - Confirm your goals
        are attainable
    - - Verify your goals are relevant
    - - Set up a time-based plan
- - - - The product should be differentiated from competitor’s products in terms of quality, quantity and intellectual property protection.
      - For example, why would you buy one phone over another model? Is it the quality of the camera which makes this phone more superior? If so, then this is what distinguishes the product from another!
    - - 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
      - Place may also include manufacturing, transportation, warehousing, wholesaling and retailing considerations.
    - - involves communicating the product attributes and the corporate image in the most favorable light to intermediary sellers and end users
      - Promotion may also include strategies to increase sales of products or services.
    - - The correct price will ensure that we can cover all costs. At the same time, the correct price can help to generate sales.
      - Different price strategies can be utilized 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
      - For example, penetration pricing can be used by offering really attractive prices at stage of product launch, in order to capture market share. At a later time, once the market share is stable, a company could consider cost-plus pricing, where it marks up the price based on the cost, in order to ensure profit.
      - 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
- - - - 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.
    - - 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.
    - - Today, consumers are more environmentally conscious and expect businesses to be socially responsible to the environment.
  - - - 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.
    - - A business can actively encourage its consumers to participate in recycling programmed, such as the return of empty printer toner cartridges.
    - - A company can decide if packaging is necessary, if at all
    - - By adopting or partnering certain organizations, companies can demonstrate their conviction towards supporting the environment.
    - - These campaigns aim to reach out to the public to help them learn about sustainability.
- - - - Consider relevant demographics such as age, gender, race, education level, marital status, income levels of potential customers, etc.
    - - Lifestyle, social class, personality-based segmentation
    - - Timing of market launch – whether seasonal in nature, Lifecycle of product – period in which the product is favorably accepted in the market.