A business strategy is a series of plans and actions prepared in order to achieve business goals and objectives, so business people must be able to adopt policies and create mature guidelines so that the business can run effectively and efficiently.
Every businessman must create a strategy when opening a business, so that he can identify the market and competitors, customers, etc., so basically a business strategy is a component of a plan. The following are several components of business strategy that every businessman must learn:
1. Vision and mission
The vision will provide general direction on business goals and what series of actions must be taken to achieve the vision. A business strategy will be able to provide clear instructions, such as how many units must be produced each day and who is responsible for the production process.
2. SWOT Analysis
SWOT analysis will be able to help companies to implement business strategies by identifying strengths, weaknesses, opportunities and threats, so that business people will know their position in the market and in competition and strengthen their weaknesses.
3. Market Segmentation
Business people must be able to determine the target market segmentation for marketing their products, so that they can provide more value to customers or provide higher satisfaction.
4. Competitive advantage
Every businessman must know the advantages of their products from their competitors, be it quality, price, uniqueness of the product, service so that they can differentiate them from competitors, so business people must maintain their superiority and can even use it for strategy development.
5. Marketing business
This marketing strategy applies plans and tactics in promoting products so that they can reach consumers, improve the brand, etc.
Every businessman must create a strategy when opening a business, so that he can identify the market and competitors, customers, etc., so basically a business strategy is a component of a plan. The following are several components of business strategy that every businessman must learn:
1. Vision and mission
The vision will provide general direction on business goals and what series of actions must be taken to achieve the vision. A business strategy will be able to provide clear instructions, such as how many units must be produced each day and who is responsible for the production process.
2. SWOT Analysis
SWOT analysis will be able to help companies to implement business strategies by identifying strengths, weaknesses, opportunities and threats, so that business people will know their position in the market and in competition and strengthen their weaknesses.
3. Market Segmentation
Business people must be able to determine the target market segmentation for marketing their products, so that they can provide more value to customers or provide higher satisfaction.
4. Competitive advantage
Every businessman must know the advantages of their products from their competitors, be it quality, price, uniqueness of the product, service so that they can differentiate them from competitors, so business people must maintain their superiority and can even use it for strategy development.
5. Marketing business
This marketing strategy applies plans and tactics in promoting products so that they can reach consumers, improve the brand, etc.
