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Business Strategies - Coggle Diagram
Business Strategies
S.W.O.T Analysis
Strength
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- What features they offer that other competitors don't have
Weakness
- What features are lacking in your product as compared to other compititors
- Possible improvements to the product
Opportunities
- In capabilities of competitors
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- Up and coming related technology
- Changing buying habits of consumers
Threats
- New competitors coming up (competitive analysis)
- Are existing competitors claiming more and market share?
- Possible change in legislation
- Use PESTLE analysis - Political, Economic, Social, Technological, Legal and Environmental analysis.
Marketing Mix 4Ps
This typically refers to product differentiation. The product should be differentiated from competitor’s products in terms of quality, quantity and intellectual property protection.
Place 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. This would ultimately affect the reach of the business.
Promotion involves communicating the product attributes and the corporate image in the most favorable light to intermediary sellers and end users. At the same time, we also need to consider through what channel is the promotion being done?
Setting the correct price is very important. The correct price will ensure that we can cover all costs. At the same time, the correct price can help to generate sales.
Green Strategies
Keeping Our World Clean
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
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Goals and Objectives
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focuses on the present and near-future, and defines purpose
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Target Market
Consider relevant demographics such as age, gender, race, education level, marital status, income levels of potential customers, etc
Lifestyle, social class, personality-based segmentation
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