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Writing Business Strategies - Coggle Diagram
Writing Business Strategies
How to Define Target Users / Market
Identify Demographic
Information
Start by identifying the basic
characteristics of your target users
AGE
Are they teenagers, young adults,
middle-aged, or elderly?
GENDER
Are there specific preferences
or behaviors based on gender?
LOCATION
Where do your target users live? Is it local, national, or international? How does this affect our marketing?
INCOME LEVEL
What is the income range of your users? This can influence the pricing and affordability of your product.
EDUCATION LEVEL
What is the typical educational background of your audience?
Explain the Psychographics
Psychographics go beyond demographics and delve into the motivations, interests, and values of your users
Lifestyle
Our target users are young professionals aged 25-35 who have a busy and fast-paced lifestyle. They are often on-the-go and prefer convenient, time-saving solutions. They enjoy fitness and outdoor activities. This group is tech-savvy, using their smartphones to manage daily tasks, including shopping, health tracking, and socializing.
Values and Belief
Our target users place high value on sustainability and health-conscious living. They are willing to invest in products that align with their personal values, such as brands with transparent sourcing and manufacturing practices. They believe in supporting companies that focus on social responsibility, like those using recyclable materials or contributing to environmental initiatives.
Buying Behavior
Our target users tend to make purchasing decisions based on convenience and quality. They are not price-sensitive and are willing to pay a premium for products that save them time. For instance, they prefer subscriptions for services like food delivery because it’s easier and more convenient than traditional shopping.
Highlight the Pain Point
NEEDS
What are the core needs of your users that your business can fulfill? For example, do they need more affordable healthcare or efficient tech solutions?
PAIN POINTS
Identify the problems your users face that your business can solve. Are they looking for convenience, quality, or solutions to specific issues?
Create a User Persona
A user persona is a detailed and semi-fictional representation of your target users. Create a persona by combining the demographics, psychographics, needs, and pain points you’ve gathered. The persona should have:
A name and photo
A brief bio
Key challenges or pain points
Goals or aspirations
How to conduct a SWOT Analysis
A SWOT analysis is a powerful tool that helps individuals and organizations assess their internal strengths and weaknesses, as well as external opportunities and threats.
STRENGHT
What do we do well?
What resources and capabilities do we have
What are our competitive advantages?
OPPORTUNITY
Are there emerging trends in the market?
Are there new technologies or advancements that could benefit us?
Are there any new customer needs we can meet?
WEAKNESS
Where are we lacking resources?
Which processes are inefficient?
Where do we fall short compared to competitors?
THREATS
What are our competitors doing?
Are there regulatory changes that could impact us?
Are there economic or political factors that could create challenges?
How to Create and Explain a Strategy Canvas
A common tool that is used to demonstrate positioning is the Strategy Canvas, a charting tool which compares how customers rate your product against similar products from other competitors.
Determine 1 to 2 Suitable
Competitor Product
Do some research on existing products available in the market. To determine a suitable competing product for a Strategy Canvas, it is essential to choose a product that competes directly with your offering in terms of customer needs, market space, and business objectives.
Identify Competitive Factors
Identify a list of relevant competitive factors based on customer needs and competitor offerings. Some common competitive factors include:
Price
Quality
Innovation Features
Design/ Usability
Functional Factors
(e.g. speed, size, durability, ease of use)
Rate yourself and your competitors' product
For each of the factors identified above, rate your product and your competitor's product (e.g. on a scale of 1 to 5). Be honest in these ratings.
Explain the Ratings
Finally, in your Business Strategy Report, you should explain how the rating for each factor is derived. It is important to explain why and how your company is better in certain area, or pales in comparison on other factors.
A complete rating will help stakeholders gain a good understanding of your product offering through the Strategy Canvas.
How to Discuss 4P's Marketing Mix
Product
In discussing the product that the business is selling, it is important to highlight the differentiating factor for your product.
In explaining the product offering, you should also elaborate and clearly articulate what is being offered, and how is it different from what the market has.
What is its unique offering? Are there similar apps that come remotely close?
Promotion
Promotion is not just about setting discounts or offering freebies. More importantly, you must be able to justify how such promotion can translate into real returns.
Price
Pricing strategies influence customer decisions and brand positioning. Businesses may use cost-based pricing, penetration pricing, or psychological pricing (e.g., setting prices at $9.99 instead of $10). In discussing the price, you must justify and set a reasonable price and explain how your pricing strategies can help recover costs in the long run.
pricing strategies explain how they generate profits for the company. It is also important to discuss expected revenue and costs to give confidence to investors in this section of the marketing mix.
Place
Determine where your product will be made available. Ensuring products are accessible to the right customers through the right distribution channels can help to increase sales. Consider physical stores, online platforms, or direct-to-consumer sales. For the selected place, you must explain how and why it is effective.
How to Determine Green Strategies
Writing Your Green Strategies
Identify which of the above green strategies best fit your product
Describe and explain how your business will implement sustainability efforts in production, packaging, or customer engagement
Highlight how these initiatives will benefit both the environment and your business
Integrating green strategies not only helps the environment but also builds a positive brand image and attracts eco-conscious consumers. Consider these strategies when developing your business plan!
