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Writing Your Business Strategies - Coggle Diagram
Writing Your Business Strategies
How to Write Goals?
Write S.M.A.R.T. goals! Each goal must be specific, measurable, attainable, relevant, and time-based.
Avoid using point form as the Business Strategy report is a formal one. You can have a main point, but you must explain and elaborate in prose.
How to Define Target Users / Market
Identify Demographic Information
Start by identifying the basic characteristics of your target users. You do not need to discuss every demographic trait, and only choose those that are relevant.
Explain the Psychographics
Psychographics go beyond demographics and delve into the motivations, interests, and values of your users. You should be able to explain the psychographics of your target users.
Highlight the Pain Point(s)
Needs: What are the 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. Are they looking for convenience, quality, or solutions to specific issues?
Create a User Persona
A user persona is a detailed and semi-fictional representation of your target users. Create a persona by combining the demographics, psychographics, needs, and pain points you’ve gathered
How to Conduct a SWOT Analysis
Strength
What do we do well?
What resources and capabilities do we have?
What are our competitive advantages?
Weakness
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 new technologies or advancements that could benefit us?
Are there any new customer needs we can meet?
Threats
What are our competitors doing?
Are there regulatory changes that could impact us?
Are there economic or political factors that could create challenge
How to 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.
How to Determine Green Strategies
Identify which of the above green strategies best fit your product
Describe and explain how your business will implement sustainability efforts in production, packaging, or customer engagement
Highlight how these initiatives will benefit both the environment and your business