Business strategy

Discussion in 'Growing and Managing a Business' started by 50Cent, Jun 28, 2013.

  1. 50Cent

    50Cent
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    What exactly is a business strategy ? - business planning , market research , target group etc?
    Any examples ?
     
  2. alicemenezes

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    Business strategy is a combination of the other three you have mentioned. Market research is first where you find out how your customers may react to your product, followed by planning where you see how your business will go in the long run. Then you pick your target group you want your product to focus on.
     
  3. leokhan

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    Hi,
    Business planning and implementation according to it. Research about the market, about audience taste and also about the competitors is also important step. Apart from that marketing is an important step for business and marketing is one of the essential stages in any business strategy that makes the brand of the business or of any product.
     
  4. scottbaird

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    For any successful business, there should be some planning. Planning helps to execute business process very efficiently. For planning there is lot of research work required. We should know about exact competitors of the business, demand of the people, target market and many other points.
     
  5. platnumcn

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    As it has already been mentioned, market research is something, which involves knowing your target audience and who do you wish to sell your products/services. Then you need to come up with a plan to meet the needs of the target audience. And then consolidate and execute your business strategy.
     
  6. 50Cent

    50Cent
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    Is it essential to conduct a on field survey or online survey to better understand my target group?
     
  7. platnumcn

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    You should have an online/field survey from time to time. The trend changes and there may be some of your prospective customers, who would want some modification in your services. Surveys help you in identifying those areas and have success. Again, you can get the grudges or good feedback from your customers as well. I believe surveys are the best way of knowing where you stand.

    What do you guys think?
     
  8. Fergal

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    It is always useful to communicate with your target customers. Ask them about their service requirements, who they are currently using to supply those services, what they are happy about, what they are not happy about and any problems they have. This will give you a better understanding of your clients' needs, which allow you to sell better. If you speak to your potential customers regularly and keep up to date with your industry, you won't necessarily need to conduct a formal market research survey.
     
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  9. shane

    shane
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    All of the above. You need to understand how you are going to fill a need in the market (at a profit!). Understand why your target market will buy from you instead of someone else. Understand the selling price of what you are offering versus what it will cost you to provide the good or service (ie your potential margins). If you are going to compete solely based on price, what is to keep existing suppliers from lowering their price to undercut you? Think about market positioning - how will you differentiate yourself from the competition?

    There are many, many books written about business strategy as there is a lot of material to cover if you want to get deep into it. If you can identify a need in the market and fill that need at a profit you are well on your way!

    Best regards,
    Shane
     
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  10. Brian Smith

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    First of all, come up with new business idea in the market then start working on market research. Survey on business description and develop a website.
     
  11. DogwoodGroupInc

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    Business Strategy and Business Plan are virtually the same things.
     
  12. EmilyBrighton

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    Great definition of market research. Market research can be a great tool to help adjust your business strategy to ensure your product/service meets your customer's needs.
     
  13. Owen

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    The same or likely question I asked and you can find some nice tips over here.
     
  14. J.Rod

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    Yes. That's what my professor in Marketing suggest as we tackled that topic last week. But if you don't have the time and resources, there are companies that can help you in doing this. They will conduct the research themselves and relay all the information and reports that you asked for.
     
  15. contech

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    all that you have mentioned are essentials in building your business success.
     
  16. AnushaJain

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    Business completely depends on demand and supply requirements of the market.If you move according to the need of market,this will definitely benefit you.
     
  17. ConnorLerwick

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    Business strategy or business planning is the base of any business, does't matter orgenization is small or large..
    without planning business can't grow & not even stand in business market..
     
  18. businessampm.com

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    Business strategy is one kind of plan that integrate the company mission, vision, value and goal. So, my ans is, planning.....
     
  19. CHO80

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    These 3 words such as business planning , market research and target group are explainned in one!!! It contains the explanation of how you will sell your product and how you will attract people to your new business. Business planning, market research and target group are relating to the study of your own business. Before opening any type of business you need to answer and plan every single question to know what you can expect and receive for the business you are thinking to open it.

    Of course, these keywords include more information but it could be the basic info you must know before starting thinking further.
     
  20. spyindianishant

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    Business Strategies are typically planned, crafted or guided by the Chief Executive Officer, approved or authorized by the Board of directors, and then implemented under the supervision of the organization's top management team or senior executives.
     

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