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writing your business strategies - Coggle Diagram
writing your business strategies
How to write and improve on Goals?
Write S.M.A.R.T goals.
Each goal must be specific, measurable, attainable, relevant, and time-based
Avoid using point forms
the Business Strategy report is a formal one.
Have a main point
must explain and elaborate in prose.
How to define target user/ Market.
Identify Demographic Information
Age, Gender, Location, Income Level and Educational Level.
Explain the Psychographics
goes beyond demographics and delve into the motivations, interests, and values of your users
Highlight the pain points
Needs
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
Create a user Persona
Create a persona by combining the demographics, psychographics, needs, and pain points you’ve gathered.
How to conduct a SWOT analysis
Strengths
What do we do well?
What resources and capabilities do we have?
What are our competitive advantages?
Weaknesses
Where are we lacking resources?
Which processes are inefficient?
Where do we fall short compared to competitors?
Opportunities
Are there emerging trends in the market?
Are there any new customer needs we can meet?
Threats
What are our competitors doing?
Are there regulatory changes that could impact us?
Create and explain a strategy canvas
Determine 1 to 2 Suitable Competitor Product
Identify Competitive Factors
Rate Yourself and Your Competitor's Product
Explain the Ratings
How to discuss 4P's Marketing Mix
Product
What is its unique offering? Are there similar apps that come remotely close?
Promotion
justify how such promotion can translate into real returns.
Price
justify and set a reasonable price, and explain how your pricing strategies can help recover costs in the long run.
Place
For the selected place, you must explain how and why it is effective.