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Business Strategies - Coggle Diagram
Business Strategies
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Target Market
Demographic
Consider relevant demographics such as age, gender, race, education level, marital status, income levels of potential customers, etc.
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Psychographic
Lifestyle, social class, personality-based segmentation
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Positioning
Positioning is how your company’s product is being perceived in the minds of customers as compared to your competitors.
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Marketing Mix
Product
This typically refers to product differentiation. The product should be differentiated from competitor’s products in terms of quality, quantity and intellectual property protection.
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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. Is it able to reach the target market through the specific channel that is being used?
Price
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.
Promotion
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?
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