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Business Strategies - Coggle Diagram
Business Strategies
How Can a New Business Be Successful?
A business must be well-prepared even before it launches. Having a business plan is one such way to ensure various strategies are looked into.
Goals and Objectives
key points
Define Vision & Mission
Set SMART Goals (Specific, Measurable, Achievable, Relevant, Time-bound)
Short-term vs Long-term Goals
Key Performance Indicators (KPIs)
Target Market / Target Users
key points
Demographics (age, gender, income)
Psychographics (lifestyle, interests, values)
Behavior (buying patterns, brand loyalty)
Geographic Location
Competitive Target Analysis (S.W.O.T. Analysis)
The S.W.O.T
Strengths: Internal advantages (brand, quality, expertise)
Weaknesses: Internal limitations (budget, staff, reputation)
Opportunities: External chances to grow (market trends, technology)
Threats: External risks (competition, regulation, market shift)
Marketing Mix (4Ps of Marketing)
The 4ps
Product: Features, design, branding
Price: Pricing strategy (competitive, value-based)
Place: Distribution channels, accessibility
Promotion: Advertising, social media, sales strategy
Product Positioning (Strategy Canvas)
key points
Identify Key Competing Factors
Rate Product vs Competitors on Each Factor
Visual Map to Show Differentiation
Focus on Unique Value Proposition (UVP)
Green Strategies
Key points
Eco-friendly Product Design
Sustainable Packaging
Energy-efficient Production
Recycling & Waste Reduction
Corporate Social Responsibility (CSR)