strategies in a business
What are strategies in a business?
Strategic planning
Strategic planning is a key concept for businesses as its the blueprint on them which they base their business around and the decision-making that goes on in the organisation.
Strategic planning is made up when organisations set their objectives and resources and the evolving marketing opportunities going around in their environment.
How strategic planning is carried through is the organisation sets the mission statement which is the overall long-term goal of the business when they first start then at a corporate level they set objectives and goals both short term and long term then they design a business portfolio which lists all the information about the organisation than after all that they start to plan their marketing and other functional strategies. You can see this from the diagram below from strategic works ltd 2021-22 you can see this diagram at http://www.strategyworks.net/consulting/strategic-planning/
Developing growth strategies?
There are different growth strategies that businesses use to try and revamp their business and try and maximise profit income. The growth strategy I am going to talk about is Ansoffs different growth strategies. This can be seen as an image/diagram from Forbesbaxtor (2021) associates which you can see at:https://www.forbesbaxter.co.uk/2021/01/ansoff-matrix-growth-strategy/.
Market penetration
This is when businesses try and boost the existing products in the existing market an example of this is when the business will further promote a product they have by possible discounting it. this option is the safest option with less reward.
Product development
New products in an existing market for example is like when apple brings out a new phone every 2 years because they already know how to operate in that market they are just bringing out a new product.
Market development
This is when they use existing products in a new market an example of this is moving country however it's not always as successful as it sounds as new markets are completely different and take a lot of market research to do before actually going into that market for example target are massive in the USA however they tried going to Canada and they had to close all stores in 2 years. 
Diversification
This is when you go into a completely new market with a new product a good example of this is virgin trains they used a new product in a new market however it is also a good example of how risky it is and how it can be very susceptible to failure but also has the best reward out of these growth strategies.
reference:
Forbesbaxtor (2021)
Ansoff matrix
available at: https://www.forbesbaxter.co.uk/2021/01/ansoff-matrix-growth-strategy/.
strategic works ltd 2021-22
strategic planning diagram
this is available at http://www.strategyworks.net/consulting/strategic-planning/
Hey Joe. Nice work! Liked the part about Market Development you wrote, and how you are using pictures to demonstrate. This blog post of yours gives students that reading it a nice view of what strategies in a business can be.
ReplyDeleteHi Joe. I thought your blog was excellent. I liked how you broke down the different marketing strategies and gave examples of businesses that have used them. And I liked how you outlined the negatives and risks of certain strategies.
ReplyDeletegreat work, you're blog was easy to read and entertaining with facts as well as thoughts and opinions which covered all your bullet points.
ReplyDeleteyour market penetration section was definitely my favourite as I felt it captured my attention best and I like that you used the USA and Canada as examples.
Hi Joe i like your blog as it is easy to read i think this will catch the eye of anyone that is either planning to start their own business or just wants to expand their knowledge, also i like the fact that you used informative research while also imputing your own opinions throughout your blog.
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