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Business Strategies - Coggle Diagram
Business Strategies
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Marketing Mix - 4P's
- 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.
- Place
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?
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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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Goals / Objectives
Vision
A vision statement looks to the future and defines aspirations. It broadly states where the organisation aspires to go in the long run, such as the example by Nike:
Mission
A mission statement focuses on the present and near-future, and defines purpose. It suggests what the organisation needs to do, and is not as general or broad unlike a vision statement
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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.
Psychographic: Lifestyle, social class, personality-based segmentation
Usage-related / Behavioral: Timing of market launch – whether seasonal in nature, Life-cycle of product – period in which the product is favorably accepted in the market.
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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.
